Mulberry said to be planning Regent Street store

Mulberry is believed to have agreed a lease on part of the former Austin Reed store on Regent Street.

According to property trade publication Property Week, the British luxury brand is "under offer" to take some of the space at the 23,500 sq ft store at 100 Regent Street.

The unit was vacated earlier this year when Austin Reed went into administration and sold the lease (the brand was subsequently acquired by Edinburgh Woollen Mills which has plans to bring Austin Reed stores back to the high street with 50 new stores). The menswear brand had moved into the unit in 2011, having previously occupied a space on the opposite side of the street at number 103-113 since 1911.

Mulberry has not commented on the story but the brand would be in good company on Regent Street which has attracted a number of international brands in the premium to luxury space in recent years. In the past year alone Michael Kors, Coach, Kate Spade and Polo Ralph Lauren have all opened stores on Regent Street.

The former Austin Reed flagship

Rents on Regent Street are believed to be around £725 per sq ft to £750 per sq ft per annum, according to Property Week. Nearby New Bond Street, where Mulberry has a flagship, was recently identified by property company Cushman & Wakefield as the fourth most expensive retail destination in the world where rents average approximately £1,026 per sq ft.

As well as Bond Street, Mulberry's London stores are located in Covent Garden, Brompton Road (Knightsbridge), Westfield White City and St Christopher's Place. The brand revealed this week that its interim sales had risen by 10% to £74.5m, following the debut collection of creative director Johnny Coca who joined last year. It did however post a lost of £500,000 before tax due to foreign exchange costs on overseas subsidiaries and increased investment in its product range.