Chelmsford City Council sells Britvic site
Aberdeen Asset Management and their development partners Exton Estates have bought the site and plan to develop a 180,000 sq. ft. retail and business park. They will submit an outline planning application later this summer for a 50/50 split retail and business park with 90,000 sq. ft. of retail units aimed at attracting major food and furniture retailers, plus 90,000 sq. ft. of business/industrial units.
Fenn Wright Senior Partner Roger Hayward has been advising Chelmsford City Council during the lengthy sale negotiations.
“We have been delighted to assist the Council in appraising the proposed development scheme and advising the City Council on the potential of their valuable freehold reversionary interest,” he said.
It is hoped that, subject to planning, construction work will begin towards the end of the year, with the first units available in Autumn 2017.
Aberdeen Asset Management’s Fund Manager Kerri Hunter said the supply and demand characteristics within Chelmsford should prove favourable for both retail and industrial users.
“We are delighted to have secured this strategic site and appointed Exton Estates as our development partners,” she said. “We will be creating a high quality investment let to major occupiers on long leases that will become a core hold for the Fund”.
Stuart Bedford of Exton Estates added that the excellent transport links would prove a big attraction.
“This is a prime edge of city site that will prove ideal with big box retailers and warehouse/industrial occupiers given the excellent transport links,” he remarked.
To discuss strategic land opportunties in Essex and Suffolk, please get in touch with Roger Hayward FRICS.
You can see details of commercial property near Chelmsford, currently available from Fenn Wright here.