Hermes Investment Management, the £24.1bn manager focused on delivering superior, sustainable, risk adjusted returns to its clients responsibly, has signed Wilko to its 300,000sq ft Royal Victoria Place shopping centre (RVP) in Royal Tunbridge Wells, Kent.
The homewares and household products retailer will combine two units on the lower level of the mall to create one 6,025sq ft store. This new signing reaffirms RVP’s commitment to maintaining a broad appeal to its extensive catchment, with an array of high street names and independent traders in the centre.
The tenant line-up is set to evolve further over the next three years, following the news that Hermes Investment Management has achieved planning consent to extend the centre by over 173,000sq ft. The proposed £70 million extension will see over 120,000sq ft of retail and more than 22,000sq ft of food and beverage space added to the centre. A new 30,000sq ft cinema will also be created, providing an all-day experience for RVP’s affluent catchment.
Gavin Murray, asset manager at Hermes Investment Management, said: “The signing of Wilko demonstrates the strength of the market in Tunbridge Wells, together with RVP’s role as the town’s retail and leisure destination. As we move into this exciting redevelopment phase, we are delighted to see our tenant mix evolve further in the existing centre.”
A Wilko spokesperson added: “Royal Victoria Place is a popular shopping destination with excellent choice in the heart of Tunbridge Wells. We’re delighted to bring Wilko and our range of quality products at everyday low prices to the newly extended centre.”
CBRE and Colliers advised Hermes Investment Management, Harvey Spack Field advised Wilko.