Australian developer Lend Lease and LV=Asset Management are bringing their Meadows shopping centre in Chelmsford, Essex, to the market.
The 151,000 sq ft centre will be marketed for £59.5m – a 7% net initial yield.
The centre is anchored by Bhs and Wilkinson. Other tenants include Warehouse, Ann Summers, Boots and Past Times.
The joint venture had been in discussions to develop a 4-acre site adjacent to the shopping centre. However, its development agreement with Chelmsford council came to an end in March 2010.
The proposed 1.5m sq ft retail-led scheme included 800,000 sq ft of shops, around 1,000 homes, 60,000 sq ft of restaurants and cafes and 1,200 parking spaces.
One source said: “The Meadows is a good lot size. The scheme will attract interest from institutions and more opportunistic money. It’s an easy win for someone.”
Strutt & Parker is advising the jv.
annabel.dixon@estatesgazette.com
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