Private equity firm Carlyle has bought a development site out of receivership in Royal Tunbridge Wells for £10m in a joint venture with Bellhouse Joseph.

Savills on behalf of LPA appointed receivers has sold the former cinema site on Mount Pleasant Road in Royal Tunbridge Wells. The loan secured against the site had been transferred to the Irish National Asset Management Agency before the receivers were appointed.            

LPA receivers at Savills, appointed by Anglo Irish at the beginning of 2011, negotiated the removal of a tenancy agreement and managed security and planning issues in order to deliver the site for sale.

The 1.5 acre (0.61 hectare) site comprises the redundant ABC Cinema, which includes a retail frontage of three units that were formerly occupied by Pizza Hut, Gamleys and the Gourmet Burger Bar. Clanricarde House and Hill House are located at the rear of the site.  

Julian Clarke, head of fixed charge receivership at Savills, said: “This was a complex transaction in what is a very high profile site for Tunbridge Wells. The team and NAMA were delighted to conclude the transaction with Carlyle and Bellhouse Joesph.”

The site was granted planning consent in 2009 for the demolition of all existing buildings and the redevelopment of up to 300,000 sq ft (27,870 sq m) of mixed use facilities.