Times of Tunbridge Wells 2nd November 2022

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Wednesday November 2 | 2022

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Shopping centre marks 30 years but losses see its value plummet

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• Value of the shopping centre has fallen by over half • Only 50 of the original 99 retail units currently filled • RVP’s losses amount to £82million over three years EXCLUSIVE By Richard Williams THE flagship shopping centre in Tunbridge Wells is celebrating 30 years in the town, but a Times investigation has revealed that the ailing Royal Victoria Place (RVP) has lost half its value in the last four years and is haemorrhaging money. RVP first opened its doors on October 21, 1992, when the late Princess of Wales opened the centre to huge crowds who wanted to see Diana and be the first to shop in the new shopping centre. The centre marked its anniversary last week with themed balloons and hundreds of cakes from their resident café, family-run business Taste Wells.

Nicky Blanchard, centre manager at RVP said: “We’re thrilled to have reached this milestone and had a fantastic time celebrating with visitors this past weekend. “Royal Victoria Place has given Tunbridge Wells residents a wealth of memories, stores, and services over the last 30 years, and we can’t wait to continue to support our local community this upcoming Christmas and beyond.”

Accounts But the last 30 years have not all been kind to the shopping centre. The latest owners of RVP, British Land, bought the site in 2018 from Hermes

Investment Management for £96million. Analysis of its most recent annual accounts that were filed by British Land just last month show that the value of the centre has now fallen to below half its 2018 sale price in just the last four years. According to Companies House, accounts filed by BL Tunbridge Wells LTD – the British Land subsidiary that runs RVP – show the shopping centre was devalued to just £44.7million in March this year. The same accounts also reveal that over the last three years, the shopping centre has lost more than £82million in accumulated annual losses, partly due to the Covid crisis, as the cost of running the centre has outweighed the value of its plummeting rents. While the retail landlord has now reduced RVP’s annual losses from a peak

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