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Royal Victoria Place – Investing in the Future

The Council acquired RVP with the goal of ensuring its long term success. Investing in its future is a key part of our Strategic Plan. We want to improve the visitor experience, support and renew the parts of the centre that are doing best, and adapt and reimagine the parts that have struggled most. By April 2026 we have:

Occupancy and Brand Offer

  • Occupancy has risen from 81% at acquisition to 94% today
  • 20 new tenants have joined since acquisition, including Søstrene Grene, Jamaica Blue, and Kidsbury
  • 25 existing tenants have renewed their leases
  • Fenwick has committed to stay until at least 2037, and Oliver Bonas has upsized to a store four times larger
  • Primark - the #1 most requested retailer - opened its 31,000 sq ft store in December 2025, with entrances on both mall levels
  • Four new cafés and restaurants have opened in and around RVP, addressing a key unmet demand

Community and Marketing

  • Supported over 50 charities and community groups across 64 events
  • RVP was nominated for “Best Community Initiative” in the 2025 REVO awards for our annual partnership with The Oaks Specialist College
  • Online content engagement has more than doubled since 2023

Footfall

  • Footfall is up 20% over the last three years (more than 850,000 additional annual visits) and has returned to pre-COVID levels
  • RVP is outperforming the national trend: in February 2026, footfall rose 21.5% year on year, compared with a 5% decline across UK shopping centres

Sustainability and Investment

  • £10.7M invested in car park refurbishment, completing on schedule in Summer 2026:
    • 958 extra-wide spaces created.
    • new rooftop solar will offset 40% of RVP’s electricity use
  • Service charge and development plans will phase out all fossil fuels over the next 5 years

Financial Performance

  • Net operating income is up 25% since acquisition (excluding rent free periods)
  • Estimated rental value has increased by 12% over the same period
  • Between 2023 and 2025, the Service Charge was reduced by £310,000 (10%) despite high UK inflation
  • Since 2023, £925,000 in service charge underspend has been achieved through effective centre management, and has been credited back to the Council and retailers

Redevelopment

  • Development plans for a new cinema, restaurant, community, leisure, and retail space which will benefit the whole of RVP and strengthen the wider town centre while preserving and restoring the heritage and historical fabric of the site.
  • Further information can be found on the RVP Redevelopment page

Get in touch

Your comments are always welcome, write to the Council’s Property Investment team at RVP@TunbridgeWells.gov.uk.

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