Retail demand in the heart of Mayfair continues to increase as luxury retailers aim to secure prime positioning.
Knight Frank have acquired 5-6 Stafford Street in Mayfair for their client, designer opticians Arthur Morrice, marking the fourth recent acquisition near Old Bond Street as premium designer brands look to attain prominent placement in one of London’s increasingly sort after retail hot spots.
Previously occupied by luxury Swiss footwear brand Lele Pyp, the three level retail site has a ground floor space of 217 sq ft and offers one of the lowest rents near Old Bond Street, where rents are at £1600 for a Zone A unit.
Josh Braid, associate in the retail team at Knight Frank comments “This is Arthur Morrice’s fifth store within Central London and is testament to their increasing client base which has included celebrities such as the singer Rihanna. This flagship store in the heart of Mayfair will help grow the brand, helping to further establish Arthur Morrice within the luxury market and on an international level that London’s Mayfair is becoming”
With the recent migration of other premium brands to the area, such as Alexandra Wang, Globe-Trotter and James Perse, as well as high profile retail offerings such as Victoria Beckham’s first standalone store, new rental levels are being set in this location.
“This is further evidence of the growing footprint of London’s Luxury Quarter”, comments Stephen Springham, Head of Retail Research. “Finite supply on Bond Street is seeing demand spill over onto tributary locations and driving up rents accordingly. Prime Zone As in these locations are often higher than £500/sq ft, compared to less £150/sq ft only five years ago.”
