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So what happens next to site that’s become a ‘graveyard for developers’? THE VISION How the development would have looked
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By Richard Williams
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QUESTION marks this week hang over the future of the old cinema site in Tunbridge Wells that has been placed back on the market ... 20 years after first being sold for development. Over those years, five separate developers have bought the ABC plot in the town centre only to sell it on without breaking any ground. The latest news prompted the Borough Council’s Chief Executive William Benson to describe the land as ‘a graveyard for developers’. Elysian Residences, who were going to build an £80million development – The Belvedere – has failed to answer
repeated requests from this newspaper for comment. It is understood, however, that they put the site up for sale after a major investor pulled out. Nine weeks ago the Times posed the front page question: ‘Could Belvedere be under threat because of Covid?’ The story reported how the US-based developer, which bought 1.3 acres on the top of Mount Pleasant last year for £12 million, was reassessing its options in the wake of the Covid pandemic. The company had planning permission to turn the site into a luxury retirement apartment complex, complete with boutique cinema, shops and a
3,000 sq ft restaurant. Previous developer Altitude Real Estate, who had proposed a similar scheme in 2017 pulled out last year.
‘They used to say Afghanistan was the graveyard of empires – this site is clearly the graveyard of developers’ William Benson Council Chief Executive When asked by the Times in August whether the Covid crisis would now impact their plans, Elysian said: “We were
preparing to start works on The Belvedere in the first half of 2020. “We are currently assessing our plans on the site with all stakeholders as a result of the impact of Covid-19. “We promise to update the local community further once these assessments are completed.” However, last week, the 1.3acre site on Mount Pleasant was put on the market for £17million, without any notification from Elysian. It is understood that the reason for the sale is that Elysian’s investors have pulled out due to concerns over the viability of the project in the wake of the coronavirus pandemic.
But the land is being sold as a ‘disposal’, with the existing planning permission, suggesting another developer is being sought to take over the entire project. Tunbridge Wells Borough Council has been quick to dismiss calls for it to step in to buy the land. Under regulations it can ‘only pay what a site is worth as supported by a certified valuation’. In other words, if it is overpriced the council cannot make an offer. Any application for a Compulsory Purchase Order (CPO) would also fall foul of regulations.
For more see page 2