Aberdeen Asset Management and development partner Exton Estates have acquired the 11-acre former Britvic site in Westway, Chelmsford from Chelmsford City Council and plan to develop a 180,000 sq ft retail and business park.
Aberdeen and Exton plan to 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, targeted at major food and furniture retailers, plus 90,000 sq ft of business/industrial units.
Subject to planning, it is envisaged that work will commence towards the end of the year, with the first units available in Autumn 2017.
Kerri Hunter, Fund Manager at Aberdeen Asset Management commented:
“ We are delighted to have secured this strategic site and appointed Exton Estates as our development partners. The supply/demand characteristics within Chelmsford are favourable for both retail and industrial, making it a good time to undertake the development. 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: “ This is a prime edge of city site that will prove ideal for big box retailers and warehouse/industrial occupiers given the excellent transport links.”
Exton Estates has a strong track record in development management and has successfully partnered with Aberdeen Asset Management on previous sites at Taplow and Stockley Park.
Griffiths Eccles and DTRE advised Aberdeen Asset Management and Exton Estates. JLL advised Britvic.