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Exton Estates joins forces with investment firm for former Britvic site development

Property developers Exton Estates have joined together with Aberdeen Asset Management to acquire an 11-acre former Britvic site in Chelmsford.

Aberdeen and The London-based developer, who specialise in commercial developments in the South East, are planning to convert the 180,000 sq ft site at Westway, Chelmsford into a split retail and business park with work commencing by the end of the year.

The plan, the exact details of which are due to be submitted this summer, will consist of 90,000 sq ft of retail units, with the hope of attracting big name food and furniture retailers, while the remaining 90,000 sq ft will be set aside for business and industrial units.

It is hoped the first units will be available in Autumn 2017, provided planning is approved on time.

Kerri Hunter, Fund Manager at Aberdeen Asset Management, 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.”

Stuart Bedford of Exton Estates, believes the site’s location on the edge of Chelmsford will means that the project should not have any trouble attracting the big name food and furniture outlets that the two firms are targeting for the development.

He added: “This is a prime edge of city site that will prove ideal for big box retailers and warehouse/industrial occupiers given the excellent transport links.”

Griffiths Eccles and DTRE advised Aberdeen Asset Management and Exton Estates while JLL advised Britvic in the deal.

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