GCW has acquired all the commercial elements of a new housing development, Beaulieu Square on the outskirts of Chelmsford, for client Deekay Management.
The £7,450,000 purchase from house builders, Countryside reflects a net initial yield of 5.75% with the majority of the income, around 80%, with RPI linked reviews. The commercial, mixed-use scheme has 10 existing tenants including Sainsbury’s, Costa Coffee, Dominoes, children’s nursery Bright Horizons and a tuition centre, Kip McGrath. A medical centre will be added to the site in the future.
“This is a commercial, mixed-use development which is focussed on serving the needs of the people who live there. The retailers are at the convenience end of the market and sit well alongside a day nursery and medical centre” says GCW director James Pearson.