One of the biggest news stories regarding the development of Chelmsford City Centre has been the impending arrival of John Lewis. Seen as one of the premier retail outlets this is something that Chelmsford has been hoping for, for a long while and finally it is starting to happen.
Behind the main retail area of Chelmsford currently sits some very ugly, but well used gravel car parking and old, unused office building. This whole area is now being redeveloped in preparation for a number of new buildings and uses.
Aquilla Holdings Ltd have plans for a new John Lewis Store, a new cinema, 25 shops, 4 restaurants and a number of flats to be ready by Summer 2015. There are apparently a number of big name tenants looking to take space in the new units but no details have been confirmed as of yet. John Lewis is a big attraction for other businesses to base themselves next to so I am sure that it will bring a number of exciting names and businesses to the area.
The whole development will add to Chelmsford’s shopping offer and make better use of the space. it appears as though there will be 275 underground car parking spaces provided with this development. There is no point having lots of shops and no where for people to park!
It is expected that the new development will bring an extra £100m to the local economy and create approximately 450 jobs which is fantastic.
As a local investor it is great news that these sort of developments are happening in out local area. Anything that helps to promote the area and the economy is good news for us and we welcome this news. Creation of new jobs be it during the construction period of afterwards, when it is up and running presents up with an opportunity to provide rental accommodation to local workers.