Per the FAQ on Keane's website, Keane's drummer Richard Hughes, stated the following:
"We've been asked whether "Somewhere Only We Know" is about a specific place, and Tim has been saying that, for him, or us as individuals, it might be about a geographical space, or a feeling; it can mean something individual to each person, and they can interpret it to a memory of theirs... It's perhaps more of a theme rather than a specific message... Feelings that may be universal, without necessarily being totally specific to us, or a place, or a time..."
With the nostalgic sentiment and the overall tone of the song, I think Keane is attempting to express a Portuguese term known as 'saudade', which does not have a direct English translation but roughly means "that which we remember because it is gone."
Stand and deliver
I'm the dandy highwayman who you're too scared to mention
I spend my cash on looking flash and grabbing your attention
The devil take your stereo and your record collection (oh-oh)
The way you look you'll qualify for next year's old age pension
Stand and deliver your money or your life
Try and use a mirror no bullet or a knife
I'm the dandy highwayman so sick of easy fashion
The clumsy boots, peek-a-boo roots that people think so dashing
So what's the point of robbery when nothing is worth taking? (oh oh)
It's kind of tough to tell a scruff the big mistake he's making
Stand and deliver your money or your life
Try and use a mirror no bullet or a knife
And even though you fool your soul
Your conscience will be mine
All mine
We're the dandy highwaymen so tired of excuses
Of deep meaning philosophies where only showbiz loses
We're the dandy highwaymen and here's our invitation (oh oh)
"Throw your safety overboard and join our insect nation"
Stand and deliver your money or your life
Try and use a mirror no bullet or a knife
And even though you fool your soul
Your conscience will be mine
All mine
Qua qua da diddley qua qua da diddley
Qua qua da diddley qua qua da diddley
Qua qua da diddley qua qua da diddley
Qua qua da diddley qua qua da diddley
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
I'm the dandy highwayman who you're too scared to mention
I spend my cash on looking flash and grabbing your attention
The devil take your stereo and your record collection (oh-oh)
The way you look you'll qualify for next year's old age pension
Stand and deliver your money or your life
Try and use a mirror no bullet or a knife
I'm the dandy highwayman so sick of easy fashion
The clumsy boots, peek-a-boo roots that people think so dashing
So what's the point of robbery when nothing is worth taking? (oh oh)
It's kind of tough to tell a scruff the big mistake he's making
Stand and deliver your money or your life
Try and use a mirror no bullet or a knife
And even though you fool your soul
Your conscience will be mine
All mine
We're the dandy highwaymen so tired of excuses
Of deep meaning philosophies where only showbiz loses
We're the dandy highwaymen and here's our invitation (oh oh)
"Throw your safety overboard and join our insect nation"
Stand and deliver your money or your life
Try and use a mirror no bullet or a knife
And even though you fool your soul
Your conscience will be mine
All mine
Qua qua da diddley qua qua da diddley
Qua qua da diddley qua qua da diddley
Qua qua da diddley qua qua da diddley
Qua qua da diddley qua qua da diddley
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
Stand and deliver your money or your life
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Bowie?
Sorry. Couldn't resist.
Other glam/glitter rockers?
Once again, sorry I took that as a challenge