Completion of the sale of Royal Victoria Place happened on Monday 21 May when British Land, the UK commercial property company, acquired the shopping centre in the heart of Royal Tunbridge Wells.
Tunbridge Wells Borough Council is the freeholder of the site and as part of the transaction has acquired a number of additional properties, including the retail unit previously occupied by White Stuff. This investment will benefit the Council’s longer term revenue and capital position. British Land own a number of retail assets including Meadowhall in Sheffield, Southgate in Bath and Fort Kinnaird in Edinburgh and have maintained an occupancy of 98% across their retail portfolio.
Royal Victoria Place is a 280,000 sq ft centre anchored by 90,000 sq ft Fenwick store and includes other high quality brands such as Hobbs, Hotel Chocolat, L’Occitane, M&S and Oliver Bonas.
Cllr David Jukes, Leader of Tunbridge Wells Borough Council said: ‘I was pleased to hear that British Land has completed the purchase of Royal Victoria Place. British Land is one of the UK’s largest retail landlords and one of Europe’s largest Real Estate Investment Trusts. We have been in dialogue with them for some months and it is clear that they are extremely well qualified to manage the shopping centre and take the centre forward. It is clear from our discussions with them that as well as being attracted by our catchment area and position in the retail hierarchy, they were particularly interested by the range of exciting developments planned for Royal Tunbridge Wells.’
Matthew Reed, Head of Retail Asset Management, British Land commented: ‘Royal Victoria Place is a fantastic retail destination, with a great mix of retailers. We’re delighted to be investing in Royal Tunbridge Wells and look forward to working closely with the Council.’