Traders hopeful of investment from landmark sale

Traders operating from a historical landmark in Kent which has been put up for sale for the second time in 250 years are hopeful it will lead to fresh investment.

The Pantiles in Tunbridge Wells, which was last sold in 2008, has been listed alongside the 256 acre (103 hectare) Tunbridge Wells and Rusthall Commons.

Corin Thoday, chief executive of its current owners Targetfollow, said that combining the sale of both assets would be "more attractive in the market", adding that existing leases remained unaffected.

Current tenant and owner of Eggs Eleven cafe, Gurky Koca, said he believed that new ownership could be good for the "unique" landmark.

Koca said: "I hope the new owners invest more into the town as at the moment the area needs a bit of love.

"It's one of the most beautiful places in England. We need to take care of The Pantiles."

Nick Wackett, a shop manager in The Pantiles, agreed that investment was important, adding that he wanted any new owner to "spruce up the building exteriors", but not at the cost of tenants.

"I hope the owners don't hike the rents up as many of us are independent traders and would find it difficult to absorb," he added.

Sarah Wood, managing director of Trevor Mottram cookware shop, said she was concerned about the appearance of the colonnade first built in 1682.

"The old buildings are very expensive to maintain and require a lot of specialist knowledge. The area needs TLC [tender, loving care] that can keep it standing for another couple of hundred years," she said.

Tunbridge Wells Borough Council (TWBC) said it understood that Targetfollow would complete a programme of repairs over the coming months.

The authority added that it did not intend to bid for the site.

Targetfollow said the sale was "one of the rarest offerings to reach the UK property market in a generation".

The most recent listing states that The Pantiles, which is expected to attract two million visitors in 2026, spans more than 40,000 sq ft and includes 25 retail and restaurant units along with workspaces and flats.

Targetfollow has also said that there was a potential to refurbish up to 28 flats as part of the site.

Roger Barton, chair of The Friends of the Commons group, said that it hoped the new owners recognised "how enormously important the commons are".

The group said that purchasing the commons remained its long-term aim.

"We look forward to working with whoever becomes the new owner and one day hope to purchase them [the Commons] back for the whole community," he said.

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