UPDATE: The asking price for a prominent vacant unit on Ramsgate High Street has been drastically reduced by £275,000, now listed at £725,000 after failing to attract buyers for over six years since Argos vacated the site. The property, which is described as a “landmark” building, is now being marketed by estate agents Miles & Barr.
This urgent price cut comes as the town faces a growing crisis, with one in four shops currently empty on its high street. The significant reduction in price is expected to revive interest in a property that has become a hotspot for urban explorers, particularly the long-closed The Balcony Restaurant located on the top floor.
Miles & Barr officials stated, “This landmark building offers extensive open-plan retail accommodation and excellent redevelopment potential.” They emphasized its prime location along Ramsgate’s bustling high street, which benefits from strong pedestrian traffic and high visibility. Nearby, both national and independent retailers bolster the area’s commercial appeal.
In a positive sign for potential investors, a neighboring property recently received planning permission to transform into a four-storey mixed-use building, which will feature ground-floor retail space along with 34 residential apartments above. Experts suggest that a similar redevelopment could be viable for the former Argos site, which has remained largely untouched since its closure.
The urgency of the situation is underscored by data showing that 65 units in Ramsgate are currently vacant, contributing to a staggering vacancy rate of over 14%—well above the national average. The opening of the Westwood Cross shopping center two decades ago drastically shifted consumer behavior, leading many retailers to abandon high street locations.
As the community grapples with an increasing number of vacant storefronts, the £70,000 annual cost of renting the former Argos site has also been discussed as a potential way forward. However, the drastic price cut is seen as a crucial move to stimulate interest and secure a sale in a market that is struggling to recover.
Bidders are urged to act swiftly, as the property’s new price point could attract significant interest in a town desperate to revive its high street. With the future of Ramsgate’s commercial landscape hanging in the balance, local leaders and residents alike are hopeful that this latest development could signal a turning point for the community’s economic revival.
Stay tuned for more updates as this story develops.
