Trio of lettings kick-start £3m investment at SREF’s Chelmsford retail park
Schroder UK Real Estate Fund has signed 22,000 sq ft of lettings at its 60,000-sq ft Meadows retail park in Chelmsford, unlocking an investment opportunity that will reposition the asset in line with the changing needs of consumers. Works will commence in the coming months on the redevelopment with new occupiers targeting an opening in late 2020.
The £3m reconfiguration of the 24,750-sq ft former Argos store will create a new 10,250-sq ft PureGym on the first floor, with TGI Fridays and Cosy Club occupying new 5,000 and 6,500-sq ft units respectively. The leases have been agreed on 15-year terms. There is one unit of approximately 3,300 sq ft available to let within the new development.
Rob Cosslett, investment manager at SREF, said: “Our strategy for the Meadows centres on aligning its provision with its affluent, commuter catchment and providing the right facilities for consumers’ busy lifestyles. Taking a former Argos, creating a net increase of almost 1,000 sq ft of lettable space and securing brands that meet changing consumer preferences is a great result for Chelmsford and meets fund objectives both in terms of rent roll and asset positioning.”
SREF was represented by Lunson Mitchenall and Morgan Williams, Space Retail Consultants acted for Loungers (Cosy Club) and CBRE for TGI Friday.