Aberdeen Standard Investments and development partner Exton Estates have agreed pre-lets with DFS, Tapi and Dunelm at Clock Tower Retail Park in Chelmsford. The 90,000 sq ft retail scheme was fully pre-let, ahead of completion last week. The first retailers will open next month.
Aberdeen Standard Investments and Exton had already agreed deals with M&S Simply Food, Aldi, Furniture Village, ScS and Costa Coffee. Work is also about to complete on 83,956 sq ft of the adjacent three unit warehousing scheme where units are available from 21,465 to 83,956 sq ft at the 11acre former Britvic site in Westway, on the edge of the city centre.
DFS and Tapi have signed 10 year leases on units of 6,020 sq ft unit and 9,000 sq ft respectively, both at rents of £28 per sq ft, with 18 months rent free. Dunelm has signed a 15 year lease on 20,000 sq ft, at a rental of £19.50 per sq ft.
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 Aberdeen Standard Investments, said “To purchase the site unconditionally, obtain planning and let the entire scheme before PC, all within an18 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.
James Mawson of Exton Estates added: “Quality retail and warehouse space is in short supply in the local area and the scheme attracted a great deal of interest from retailers. We have some great brands with strong covenants and look forward to seeing them all up and running over the next few months.”
Stockford Anderson is letting agent on the retail space and DTRE and Lambert Smith Hampton are joint agents on the warehouse element.
Quoting rents for the remaining warehouse space is £9.50 per sq ft.
BNP Paribas Real Estate advised DFS and Harvey Spack Field advised Tapi.
