The site was bought from Chelmsford City Council by Aberdeen Asset Management and development partner Exton Estates, who plan to develop an 180,000 sq ft retail and business park. Subject to planning, work will commence towards the end of this year, with the first units available in autumn 2017. LSH will act as joint agent on the 90,000 sq ft industrial scheme, alongside DTRE.
Paul Fitch, Head of Office – Chelmsford, at Lambert Smith Hampton commented: “It is great to see plans move forwards for this historic site. There is increasing demand for well located warehouses and this scheme will bring much needed industrial development to Chelmsford.”
Kerri Hunter, Fund Manager at Aberdeen Asset Management, said: "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.”