Countryside Zest LLP, a joint venture between Countryside and charitable housing association L&Q Group, has sold the Beaulieu Square Neighbourhood Centre in Chelmsford, Essex, to London-based property investment company Natal Estates for €8.3m (£7.4m); reflecting 5.8% NIY. The asset comprises nine retail units anchored by a Sainsbury’s Local, Costa Coffee and Kip McGrath Education Centre. The neighbourhood centre is also home to the Beaulieu Community Centre and a Bright Horizons Nursery.
Beaulieu Square comprises the first phase of neighbourhood facilities for Beaulieu, a new district of Chelmsford which when completed will host 3,600 new homes. The square has 34 one and two bedroom apartments and duplexes, all of which are now sold.
Andrew Carrington, Managing Director of Strategic Land at Countryside, comments: “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.”
Jason Williams, L&Q’s Head of JV Development & Regeneration – Counties, said: “Our vision is that everyone has a quality home they can afford. We combine our social purpose with a commercial drive to create homes and neighbourhoods everyone can be proud of. As a charitable organisation, we are a long-term partner in the neighbourhoods where we work and we hope that the already successful Beaulieu Square Neighbourhood hub will go from strength to strength as the retailers and nursery establish themselves in the local community.”