Luxury US menswear brand Thom Browne has chosen Albemarle Street, W1, for its first UK shop.
It is opening a 1,200 sq ft shop at 3 Albemarle Street, which is owned by a private investor. It has signed a 10-year lease and will pay around £500 per sq ft zone A.
The New York-based brand had been looking in Mayfair for some time and chose Albemarle Street over neighbouring Bond Street, where rents have risen dramatically in the past year.
Business rate rises and increasing rents led to as many as 20 luxury retailers leaving Bond Street last year.
Average business rates in Mayfair are set to increase from £380 sq ft to £720 per sq ft zone A, according to JLL.
Rents on Bond Street averaged around £950 per sq ft five years ago, but the latest record rent on the street – £11.5m pa by Polo Ralph Lauren – represented £2,225 per sq ft.
Rents on neighbouring Albemarle Street average just over £500 per sq ft, although it has lower footfall. Traditionally famous for its galleries and Browns Hotel, an increasing number of fashion houses are opening on the street.
Nash Bond, Conway Morris and Pilcher Hershman acted for the landlord; Thom Browne was unrepresented.
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