Beaulieu Square sold for £7.4
Countryside Zest, a joint venture between Countryside and charitable housing association L&Q Group, has sold the Beaulieu Square neighbourhood centre in Chelmsford, Essex, to Natal Estates for £7.4m, reflecting a net initial yield of 5.8%.
Beaulieu Square comprises the first phase of neighbourhood facilities for Beaulieu, a new district of Chelmsford which when completed will comprise 3,600 new homes. The neighbourhood centre consists of nine retail units anchored by a Sainsbury’s Local, Costa Coffee and Kip McGrath Education Centre. The neighbourhood centre is also house the Beaulieu Community Centre and a Bright Horizons Nursery.
Andrew Carrington, managing director of strategic land at Countryside, said: “We are delighted with the mix of retailers that we have attracted to Beaulieu Square and the vibrancy and amenity that this has brought to the development. Our desire to deliver the neighbourhood centre at an early stage of the wider Beaulieu development demonstrates our commitment to ensuring that the new community have access to the highest quality facilities.”