NEWS ARCHIVE
NEW ERA FOR HISTORIC SHOPPING PARADE AFTER £11 MILLION DEAL | 04/02/08
The historic heart of Tunbridge Wells is set for an “exciting new era of success” following the sale of The Pantiles in a deal worth around £11 million.
New owner Targetfollow, the UK-based property group which already owns the neighbouring Corn Exchange centre, plans to bring the two popular shopping destinations closer together – and has hailed the acquisition as “fantastic news for Tunbridge Wells, its citizens and traders”.
Targetfollow is already planning to improve the historic Pantiles but stresses that it will work closely with the local community and conservation experts to ensure that the pedestrianised colonnade’s historic character and charm are preserved.
The sale, on the instructions of the Trustees of the Manor of Rusthall, included Rusthall and Tunbridge Wells Commons – about 250 acres of parkland containing two cricket grounds, walkways, woods and two car parks – as well as the title, Lord of the Manor of Rusthall.
Jeremy Aldous, portfolio manager at Norwich-based Targetfollow, said: “This is a real good news story for Tunbridge Wells, The Pantiles and The Commons – and a great way to start 2008. People from around the world have long been attracted to the town because of its unique character, excellent shops and enviable heritage. Our job now is to build on those qualities and take The Pantiles from strength to strength in what will be an exciting new era of success.
“As owner of The Corn Exchange for the past 6 years, Targetfollow has shown a firm commitment to Tunbridge Wells and already has a close working relationship with the local council, the community and traders. The purchase means that the upper and lower Pantiles are under one ownership for the first time in over 100 years We are therefore well-placed to take a single approach to the whole Pantiles area through a comprehensive, but sensitive, commercial and retail strategy.”
Mr Aldous added: “The Pantiles boasts a fascinating variety of small specialist shops, cafés, restaurants and bars, and it has for generations been the jewel in the town’s retail crown. Our aim is to reinvigorate this remarkable site through carefully planned and sympathetic improvements, and a fresh marketing strategy.
The sale of The Pantiles included the Chalybeate Spring, which was discovered around 1606 and marked the beginnings of Tunbridge Wells thanks to the popularity of spa water among the gentry and royalty of Georgian England.
The Swan Hotel and the Old Fish Market building, which contains the town’s Tourist Information Centre, were among a number of other Pantiles properties included in the deal.
Andrew Gower, centre manager at The Corn Exchange, said: “Bringing these two important shopping areas closer together, thanks to Targetfollow’s single ownership and distinctive vision for property, will provide a welcome boost for the historic heart of Tunbridge Wells. One of our aims is to integrate The Pantiles more into the rest of the town centre and we believe there are very exciting times ahead for shoppers and traders alike.”
With a staff of 250, Targetfollow is a leading commercial property investment and development company specialising in major opportunities in town and city centres. The company has a development and investment portfolio of £3 billion.
In addition to The Pantiles and The Corn Exchange, it owns the famous Centre Point office tower in London, Baskerville House in Birmingham and Tolworth Tower in Surbiton.
In 2006 it began expanding its portfolio to include European commercial property acquiring two commercial projects in the Paris suburb of Montreuil and Toulon, South of France. The move into Europe continued last year when the company acquired six mixed-use commercial and logistics space properties outside Cologne, Germany.
CB Richard Ellis and Ibbett Mosely acted for the vendors with DTZ acting on behalf of Targetfollow.