SREF signs lettings in Chelmsford to trigger £3m retail park investment

Schroder UK Real Estate Fund (SREF) has signed 22,000 sq ft of lettings for its £3m investment at Meadows retail park in Chelmsford.

The 60,000 sq ft retail park will be occupied by a 10,250 sq ft PureGym on the first floor, while TGI Fridays and Cosy Club will occupy 5,000 sq ft and 6,500 sq ft units respectively. 

Leases have been agreed for 15-year terms.

One unit of approximately 3,300 sq ft is available to let within the development, which is scheduled to open in late 2020.

“Our strategy for the Meadows centres on aligning its provision with its affluent, commuter catchment and providing the right facilities for consumers’ busy lifestyles,” said Rob Cosslett, investment manager at SREF.

George Oppenheim, chartered surveyor at Lunson Mitchenall, added: “This deal represents a great example of how to successfully reconfigure space from retail to leisure, and we feel that these leisure brands complement each other well, creating the right mix for the Meadows retail park.”

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