New restaurant on the waterfront in Chelmsford, Essex

18 April 2017

Savills, on behalf of Taylor Wimpey, has let the former Waterfront restaurant on Wharf Road in Chelmsford, Essex to the Bed Restaurant Group.

The new concept eatery has agreed to a 25-year lease on the ground floor restaurant space totalling 8,028 sq ft (746 sq m) and will pay an annual rent of £140,000. Situated within the heart of Chelmsford city centre, Bed is set to benefit from the adjacent newly completed residential scheme and the nearby Bond Street commercial development.

Savills, jointly with Kemsley, is now marketing the long leasehold investment at a guide price of £1,500,000 representing a net initial yield of C.9%.

Mike Storrs, associate director in the business space team at Savills Chelmsford, comments: “Chelmsford’s stature as a restaurant and leisure destination has grown considerably in recent years, with the new Bond Street scheme dramatically raising the city’s profile and widening the range of offer for both day time and evening dining. We are very pleased to have secured this deal on behalf of our client and expect to see considerable interest from potential investors.”

Bed Restaurant Group was unrepresented.


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