UPDATE: The asking price for a significant former Argos site in Ramsgate has just been slashed by £275,000. This urgent move comes after the property failed to sell for six years following Argos’s departure, with the new listing now set at £725,000.
This “landmark” high street unit was initially priced at £1 million but has seen a dramatic reduction as the area grapples with a high vacancy rate. Currently, one in four shops in Ramsgate is empty, with 65 units reported as vacant, significantly above the national average of 14%.
Real estate agents Miles & Barr emphasize the property’s extensive open-plan retail space and excellent redevelopment potential. The site includes the long-closed Balcony Restaurant, which has become a hotspot for urban explorers, showcasing its dilapidated condition in viral online videos.
Officials from Miles & Barr state, “This landmark building offers extensive open-plan retail accommodation and excellent redevelopment potential, sitting within an area undergoing significant investment and regeneration.” The location benefits from strong pedestrian traffic and visibility, making it an attractive proposition for potential buyers.
Nearby properties have begun to see redevelopment, with a corner site recently securing planning permission for a four-storey mixed-use building that will feature retail space and 34 residential apartments above. Experts suggest a similar plan could be viable for the former Argos site.
Additionally, renting out the premises has been considered, although prospective tenants would face a hefty annual cost of around £70,000.
As Ramsgate continues to adapt to changing retail dynamics—largely impacted by the opening of Westwood Cross two decades ago—this significant price drop is anticipated to attract buyers eager to revitalize the high street. The local community watches closely as the fate of this property unfolds, hoping for a revitalization in a town struggling to maintain its economic vitality.
Stay tuned for further updates on this developing story.
