Tunbridge Wells Borough Council has appointed RivingtonHark to advise on the strategic direction of the 475,000 sq ft Royal Victoria Place shopping centre in Kent.
The council bought the long leasehold of the property from British Land earlier this month. BL had owned the mall since 2018, paying Hermes £96m for it.
The 99-store shopping centre is anchored by Fenwick and Marks & Spencer, and currently has a vacancy rate of 33%.
The council has owned the freehold of the centre since it was built in 1992 and believes it is uniquely placed to secure its future and its contribution to the town centre. The council said it was committed to ensuring that Royal Victoria Place continues to play a strong role in maintaining the attractiveness of the town for residents, employers and visitors.
Confirming the acquisition, the council said: “We have had a number of exciting conversations with prospective tenants – retailers, leisure operators, food and beverage providers and community groups – and, working with experts in the field, we are confident that we can increase both footfall and occupancy within the centre.”
Mark Williams, executive director and co-founder of RivingtonHark, called the acquisition “strategically important”.
He added: “Royal Victoria Place offers huge potential to improve the wider town offering and we look forward to working with the borough council in evolving and influencing those plans.”
Royal Victoria Place will be the third major regional shopping centre improvement project RivingtonHark has picked up this year, following its deal with Shropshire Council to regenerate Shrewbury town centre, and with Fareham Borough Council to advise on its regeneration of the 475,000 sq ft Fareham Shopping Centre.
Knight Frank is appointed on the day-to-day management of Royal Victoria Place.
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