Knights Park, Tunbridge Wells

Knights Park, Tunbridge Wells

Client : Kilmartin Properties

Instruction : Letting new leisure park accomodation

We were instructed by Kilmartin Proerpties Ltd to advise them on the letting of a new 100,000 sq ft leisure development on the outskirts of Tunbridge Wells. Our client had already obtained planning permission but had not secured any pre-lettings. We advised on the marketing of the scheme and also recommended some significant re-design of the proposed health and fitness club and the proposed restaurants.

We secured interest form two multiplex cinema operators for the new 40,000 sq ft cinema, which enabled us to invite “best offers” for the new leasehold interest. Subsequently, we recommended that our client proceed with Odeon Cinemas Ltd as they had offered the highest rent on the basis of a new 25 year lease and guaranteed uplifts at rent review. We also advised that their covenant strength would be more attractive to investors.

The 30,000 sq ft ten-pin bowl was let to Wessex Bowl, also on a 25 year lease, for their Bowlplex concept. This offer complemented the other uses on the leisure park, including a limited food and beverage offer.

The health and fitness club was originally designed as a 20,000 sq ft club on ground floor only. We secured interest from Esporta, but they required 30,000 sq ft and we advised our client to secure planning permission for an additional 10,000 sq ft at first floor. Esporta were able to support this planning application and agreed terms on a new 25 year lease.

The original design for Knights Park envisaged 3 restaurant units all similar in size, but we advised our client to re-design this area of the park to provide 2 units. We were able to secure Frankie and Benny’s for a new 4,000 sq ft family restaurant and Tom Cobleigh for a new 10,000 sq ft pub/restaurant.

The new leisure park was fully let upon opening.