URGENT UPDATE: The asking price for a significant commercial property on Ramsgate High Street has been slashed by £275,000 after failing to sell for six years. The former Argos site, originally listed at £1 million, is now available for £725,000, according to new estate agents Miles & Barr.
This critical reduction comes as Ramsgate faces a retail crisis, with a staggering one in four shops currently empty. Officials report that 65 units in Ramsgate are vacant, far exceeding the national average of 14%. The property, which includes the long-closed Balcony Restaurant, has become a hotspot for urban explorers, highlighting the site’s deteriorating condition.
Miles & Barr describes the property as a “landmark building” with substantial open-plan retail space and promising redevelopment prospects. It is situated in an area undergoing significant investment, with pedestrian traffic and visibility that could attract potential buyers or tenants.
The adjoining corner property has recently received planning permission for a four-storey mixed-use building, featuring ground-floor retail and 34 residential apartments above. Experts suggest a similar redevelopment could be viable for the former Argos location.
Additionally, there are discussions about renting out the site, likely requiring an annual payment of approximately £70,000. The price drop is seen as a vital move to stimulate interest in a town grappling with high vacancy rates.
This situation highlights the ongoing challenges faced by Ramsgate’s high street, especially since the opening of Westwood Cross two decades ago, which diverted many retailers to out-of-town shopping centers. As local officials and real estate agents work to revitalize the area, the fate of the former Argos site remains uncertain.
Watch for further updates as the community responds to this urgent development and potential new investment opportunities.
