Thursday, 22 March 2018

Tunbridge Wells lands a retail heavyweight

In recent weeks we’ve seen depressing announcements heralding the death of major household names. Others, such as Carpetright, New Look and Prezzo, have done some serious self-treatment and slashed their stores in order to stop haemorrhaging cash. But it's not all bad news.

All this is happening at the same time as British Land announces a £95m vote of confidence in Tunbridge Wells, with the agreement to purchase Royal Victoria Place from Hermes Investment Trust.

The news comes two years after Tunbridge Wells Borough Council approved a £70million plan to develop and expand the centre with more shops, restaurants and a cinema.

With £6.6bn of retail assets, the town, and it residents, must now be hoping British Land will quickly move forward with plans to revitalise what to many has become a shadow of its former self.

News the company spent more than £60m improving the Meadowhall shopping centre in Sheffield. It has also acquired the Woolwich Estate in South London for £103m to build upon its portfolio of Elizabeth Line-related properties including Broadgate, Paddington Central and Ealing Broadway, meaning the company will be well placed for when the rail line launches from Woolwich in 2018.

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