For nearly an hour, Edgar Wright’s Last Night in Soho meanders in a weird, wonderful space at the intersection of dreams, reality, and mental illness. In that stretch, it’s easily the co-writer/director’s best made film, full of visual tricks rooted in mirror effects and precision timing, and blessedly bereft of explanation.

Then the plot kicks in and the wonderfully atmospheric story of modern-day London fashion student Eloise (Thomasin McKenzie, Jojo Rabbit) escaping into a Swinging Sixties fantasy world where she inhabits and shadows the glamorous Sandie (Anya Taylor-Joy) becomes significantly less magical.

Even so, the mystery remains largely rich and the pair of recent M. Night Shyamalan leading ladies showcase their splendid skillsets amidst colorful scenes cued to a terrific ’60s soundtrack and complemented by scenery-chewing performances by British legends Diana Rigg (in her final role) and Terence Stamp.

It’s such a rich milieu that it’s a shame the ghost elements are poorly implemented, the reveals not as shocking as Wright — who often has trouble sticking the landing — seems to think, and the ending is somehow both overly tidy and messy. Nevertheless, the foundational elements sustain interest and investment to such a strong extent that the overall experience only fades so much.

Grade: B. Rated R. Now playing at AMC River Hills 10, Carolina Cinemark, and Regal Biltmore Grande.

(Photo: Parisa Taghizadeh/Focus Features)