Schroder UK Property Fund (SPF) is today announced the completion of The Meadows Retail Park, Springfield Road in Chelmsford for £19.7 million (approx. €24 million), reflecting a 6% net initial yield. The Park comprises of 61,119 ft² of total space and features key retailers including Argos, Maplin, Blacks, Mothercare and pub chain Yates. The scheme also includes 273 car spaces generating further direct income.
The Meadows Retail Park is situated directly adjacent to the Meadows Shopping Centre, is highly visible from the High Street, and is well positioned to benefit from the proposed town center developments within Chelmsford. The Park has excellent transport links this combined with the location is a significant draw for the affluent Chelmsford catchment population of approximately 233,000 people, which is only set to increase with the proposed developments.
Originally developed in 1995, The Meadows Retail Park is currently configured to provide eight individual units arranged as four warehouse units, three smaller retail units and a leisure unit.
James Lass, SPF Fund Manager, commented: "The Meadows Retail Park further strengthens Schroder UK Property Fund’s position as a leading investor in the South East retail park sector. It provides us with several significant active management opportunities and supports our long standing strategy of buying well located in-town retail parks in key affluent areas with units let off low base rents to retailers who trade well from the location.”