Development of Clock Tower Retail Park reaches completion
Forsters is advising a fund managed by Aberdeen Standard Investments (ASI) in relation to the redevelopment of an 11-acre site in Chelmsford. Together with development partner, Exton Estates, ASI is developing a 175,000 sq ft retail and industrial park on the former Britvic factory site. In order to acknowledge the site’s history, the iconic Clock Tower, a popular local landmark and a key part of the city skyline, has been retained as part of the scheme.
Completion of the retail element of the scheme was reached in mid-November, with the first retailers set to open their stores in December. The retail units are fully pre-let to tenants including Marks & Spencer Plc, Furniture Village, SCS, DFS, Dunelm, Aldi, Costa and Tapi Carpets.
Completion of the adjacent three unit warehousing scheme, comprising 83,956 sq ft, is also imminent.
The development partners acquired the site in May 2016 from Chelmsford City Council and secured planning permission for a mixed retail and warehouse scheme in December 2016.
Kerri Hunter, Fund Manager at ASI, said: “To purchase the site unconditionally, obtain planning and let the entire scheme before PC, all within an 18 month period, is a great achievement. We are delighted with the quality investment that we have created and the strong returns this asset will deliver to our investors.”
Commercial Real Estate partner Glenn Dunn advised on the acquisition, redevelopment and letting of the site, assisted by senior associate Peter Selwyn, senior associate Owen Spencer and associate Lorna Dolan. Partner Ben Barrison provided strategic property litigation advice, with associate Jamie Swan dealing with construction matters.