Acting on behalf of Evolve Estates, Clifton Agency has purchased Grays Brewery Quarter - a significant mixed-use retail and leisure property in the heart of Chelmsford, Essex. The 1.325 acre city centre site was acquired for an undisclosed sum after initially coming to the market for £11,250,000 (8.50% NIY).
The Quarter, which forms part of a 19th century brewery site, comprises 36-38 High Street and 3-7 Grays Brewery Yard, and has six retail and leisure units, plus a serviced office. At the time of marketing, the High Street units are occupied by McDonalds and Metro Bank, while Yard, Fete, Nandos and Zizzi all operate in Grays Brewery yard. Patch, a serviced office provider, is at the rear of the Yard and operates over four floors. The property produces a total combined income of £1,012,751 per annum.
Ben Simpson commented:
“We are delighted to work with Evolve Estates and our friends at Prime Retail to acquire this prominent mixed-use asset in Chelmsford City Centre. This purchase offers Evolve significant value add and asset management opportunities in order to maximise value from the asset."
For further information on this deal or to discuss any occupational requirements for the property, please contact the team at Clifton Agency.
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