Neptunes Arcade site in Herne Bay on market for £900k
06:00, 24 November 2019
The sale of a former seaside arcade is expected to trigger a wave of developments along the seafront.
An asking price of almost £1m has been placed on the vacant and rundown Neptunes amusements site in Central Parade, Herne Bay.
The building had been owned by businessman Michael Khoury until about five years ago.
But he sold the site to father-and-son developers Dean and Ernie Tevfik – the duo behind the transformation of the former Bun Penny.
However, company Kent Estate Agencies says it is now “under instructions from receivers” and is marketing the 0.2 acre plot for offers in excess of £900,000.
Branch manager Kieron Whiting said: “It’s been up for sale for about a month and we’ve had a lot of interest. We’re very close to a deal.
“Herne Bay has been on the rise for about five years, and now developers are starting to notice that and are wanting to cash in.
"That part of the seafront along Central Parade has been a sleeping giant because everybody has been waiting to see what’s going to happen there and at the derelict building on the corner with Market Street.”
Mr Khoury, who owned the plot for about 25 years, was given the green light by Canterbury City Council in 2014 to erect a four-storey building in place of the arcade, containing three shops and 10 homes.
He also had a bid to construct a block of nine flats to the rear of the site approved by the local authority.
However, both sets of permissions have since expired.
Mr Whiting continued: “The large majority of the developers we’ve been speaking to are wanting to proceed with what was planned.
“For the 12 years I’ve been with Kent Estate Agencies, I’ve thought sooner or later that part of Central Parade will be extremely desirable.
“The whole facade of that part of the seafront will change. It’s only going to do good things for the town.”
Stephen Jelley from Guildmore Ltd, the firm that recently acquired the former bus depot site, told the Gazette in July he was interested in purchasing the seaside arcade.
“Once we’ve got all these new and pending developments on the seafront and at the bus station finished, I think Herne Bay will be flying,” Mr Whiting added.
“House prices have started to level off. But you’ve got seafront apartments selling for about £400,000 and £500,000. If you go back five years and said that to somebody, they’d have laughed at you.”
