AAM acquires former Britvic site
Forsters has acted on behalf of a fund managed by Aberdeen Asset Management (AAM) in relation to the acquisition of an 11-acre site in Chelmsford. The former factory site was occupied by soft drinks manufacturing giant, Britvic, for nearly 60 years before it closed in 2014.
AAM, together with development partner, Exton Estates, plan to develop a 180,000 sq ft retail and business park on the site. It is anticipated that an outline planning application will be submitted later this year for 90,000 sq ft of retail units, targeted at major food and furniture retailers, plus 90,000 sq ft of business/industrial units.
Kerri Hunter, Fund Manager at AAM, 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.”
Commercial Real Estate partner Glenn Dunn advised AAM, assisted by Peter Selwyn.