Aberdeen/Exton uncork Britvic site with retail prelet brace
Aberdeen Asset Management and development partner Exton Estates have begun the development of a 180,000 sq ft retail and business park in Chelmsford after signing prelet deals with M&S Simply Food and Aldi who have agreed to take a total of more than 30,000 sq ft on institutional leases.
The development partners, who previously worked together on sites at Taplow and Stockley Park, secured planning permission for the mixed use scheme back in December.
They are set to deliver 87,065 sq ft of retail at the 11 acre former Britvic site in Westway on the edge of the city centre, and are also speculatively developing 84,000 sq ft of warehousing at a quoting rent of £9.50 per sq ft.
Readie Construction has begun work on the site, which was acquired from Chelmsford City Council in May 2016, and completion is scheduled for November 2017.
Kerri Hunter, Fund Manager at Aberdeen Asset Management, said: “I’m delighted to have obtained planning so soon after buying the site and that our confidence in the occupational market has now been ratified by both M&S Simply Food and Aldi. These are strong anchors and we expect to be able to announce other retailers very soon.”
Stuart Bedford of Exton Estates added: “Securing these tenants is a key milestone for the scheme and reflects the appeal of such a strategic site with excellent transport links. ”
Stockford Anderson is letting on the retail space and DTRE and Lambert Smith Hampton are joint agents on the warehouse element
CBRE advised M&S and MP Real Estate advised Aldi.