Savills : Mayfair's Dover Street captures new fashion brand

International real estate advisor Savills, on behalf of a private landlord, has let 14 Dover Street in Mayfair to Varana. The new concept-led luxury fashion and accessories brand will be led by former JOSEPH managing director Marc Forestier, and was created by internationally known graphic designer Sujata Keshavan.

Varana has agreed a 10-year lease for the seven-storey boutique, which totals 4,335 sq ft (403 sq m), at an initial rent of £350,000 per annum. Launching in 2017, the brand will fuse east with west by drawing upon the heritage of Asian civilisations to create women's fashion, jewellery and textile-based accessories made from custom-designed fabrics.

Located on the east side of Dover Street, the boutique will be close to numerous high end retailers including Victoria Beckham, Louboutin and Jimmy Choo. According to data from New West End Company and Global Blue, overseas spend by non-EU residents in London's luxury quarter was up 18% year-on-year in September 2016, with an average transaction value of just under £1,000. This was driven in part by the weaker Pound.

Anthony Selwyn, head of Central London retail at Savills, comments: 'Dover Street remains one of Mayfair's top retail destinations. Whilst we believe rents need to settle to a level that will support growth again after rising dramatically over the last few years, the location continues to attract brands searching for an alternative to Bond Street.'

Tiffany Luckett of the Central London retail team at Savills adds: 'We are pleased to have secured this letting to Varana for its first store, which will further enhance the strong mix of luxury brands on and around Dover Street.'

Varana was represented by 56 Street.