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Land
Joseph Mccarthy Mirror & Frame Makers, The Pantiles Coach House, London Road, Royal Tunbridge Wells, Kent
Land
£5,000,000
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Our Summary
- Prime redevelopment potential (subject to deregistration & planning)
- A rare opportunity to acquire a high-performing income asset with transformational development potential in the cultural heart of Royal Tunbridge Wells
- Also available - The Tunbridge Wells and Rusthall Commons (Search for the separate listing) Available individually or as a combined acquisition, the Commons and Car Park offer a rare chance to secure both long-term income and prime redevelopment potential in the heart of Royal Tunbridge Wells
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Description
The property is a 4-acre car park in Royal Tunbridge Wells, directly beside the Pantiles colonnade and opposite the Potteries scheme. It currently has 170 marked parking spaces and generates £110,000 per year in income under a management agreement, as well as an additional £18,000 from wayleaves and easements. The site has potential for development into 104 luxury apartments, 285 parking spaces, and a estimated Gross Development Value of £60 million, with a residual site value of approximately £10 million.