Frogmore has secured a 24.3 ha (60 acre) site in Chelmsford, Essex, for an £80m part-speculative distribution, industrial and office park.
The developer is buying 12.1ha (30 acres) for £3m from receivers Credit Lyonnais, and it has an option to acquire the remainder of the site for a further £4m. Both deals are subject to planning.
Frogmore’s development director Graham McCulloch said work on the 92,900 sq m (1m sq ft) scheme should begin in June. He added: “This is the last major industrial site to be released in Chelmsford for years. We expect rents from £69.96 per sq m (£6.50 per sq ft).”
The land is next to Hermes and Countryside Properties’ Boreham Interchange, which lured the Post Office into 24,619 sq m (265,000 sq ft). It is 2.5 miles from Chelmsford town centre and has a 900m (2,950ft) frontage to the A12.
A planning application will be submitted at the end of January.
EGi News 15/01/97
