ABERDEEN: OFFICE INVESTMENT FOR SALE Poynernook Road, Aberdeen, AB11 5QX ADMIRAL COURT Aberdeen Aberdeen is the third largest city in Scotland with a population of approximately 215,000 and a regional catchment in excess of 500,000. The city is the administrative capital and primary service centre for the north east of Scotland, and home to two universities and five research institutes of world renown. The city is well established as Europe’s oil and gas capital and the industry has generated unprecedented growth in the region. Oil and gas related organisations with a presence in Aberdeen include BP, Shell, Schlumberger, Halliburton, Total Fina Elf and Chevron Texaco. Outwith the oil and gas sector, other significant industries include professional services, manufacturing, food processing, education and local government. Occupiers located in Aberdeen within these sectors include Accenture, Ernst & Young, KPMG, Logica CMG and the NHS. Aberdeen has strong communication links with the rest of Scotland, the UK and Europe. The city is linked to major towns and cities throughout the UK by rail. Aberdeen Airport provides daily flight connections to UK airports and direct flights to certain European destinations. Office Market The local market experienced buoyant demand and resulting strong rental growth prior to ADMIRAL COURT late 2008. The economic downturn lead to a reduction in demand during 2009 although headline rental levels have generally been maintained. Location A steady oil price has instilled confidence and take up levels are on the increase which is likely to lead to a severe undersupply of grade A accommodation in the near future. There Admiral Court is a striking modern office are no new city centre office schemes in the pipeline. development located in a sector of the city which has witnessed radical transformation in the past 10 years with over 300,000 sq.ft Significant Aberdeen Sales & Lettings developed. The North Dee Business Quarter has developed out of all recognition over the past Address Date Rent Sale Price NIY decade and now hosts companies from a wide Talisman House, 163 Holburn Street 12/2010 £2,000,000 £26.55m 7.1% cross section of business sectors. Easy vehicular access directly on to the city’s Silverburn House, Bridge of Don 10/2010 £1,666,370 £16.23m c10% inner ring road system offers excellent links City Gate, Altens 10/2010 £650,560 £7.35m 8.4% both north and south. The main railway station and bus station are within several minutes Acergy, Westhill 1/2010 £2,699,000 £36.00m 7.1% walk and Union Square, the recently Address Date Areas (sq.ft.) Tenant Rate developed 550,000 sq.ft retail, leisure and restaurant complex is located within several iQ Justice Mill Lane 2011 126,000 Entire building rumoured to be under offer hundred yards. 4th & 5th Floors, City Wharf, Ship Row 11/2010 11,800 Maersk £21.50 Further development is envisaged in the future with the redevelopment of redundant properties Bridge View, North Esplanade West 12/2008 29,000 Scottish Ministers £23.00* already under control of Miller Cromdale. * Rent Review 10 UNION STREET 6 9 MARKET STREET 7 5 4 8 1 Freedom House ADMIRAL 2 Pilgrim House 3 COURT 3 Centurion Court 4 Consort House 5 Bridge View 6 The Exchange & St Magnus House 7 Union Square NORTH 2 1 ESPLANADE 8 Rail Station 9 Bus Station WEST 10 City Wharf Description Tenant Profiles Admiral Court was completed in 2006. The building comprises 40,488 sq.ft (3,761 sq.m) Aker Solutions ASA, through its of flexible Grade A office accommodation arranged over ground and two upper floors subsidiaries and affiliates (Aker around an inner courtyard with 98 on-site car spaces. Solutions is used as the common The offices are accessed off two feature entrance cores, each serving half the building but brand/trademark for most of these can be further split into five suites from 3,200 sq.ft (290 sq.m) to 6,500 sq.ft (604 sq.m). entities), is a leading global Admiral Court has full comfort cooling, full access raised flooring with 150mm clear void, provider of engineering and suspended ceilings throughout with 1 x 8 person passenger lift serving each wing. construction services, technology products and integrated solutions. Aker Solutions’ serves several Accommodation/Tenancy industries, including oil and gas, We have measured the property in accordance with the RICS Code of Measuring Practice refining and chemicals, mining (6th Edition). We estimate the following Net Internal Areas: and metals and power generation. www.akersolutions.com Accommodation Tenant Rent Area Area Rent Rent Lease Comments Enterprise North East Trust is pa sq.ft sq.m sq.ft Review End one of the largest providers of built offices, virtual offices, Ground Floor Aker £404,000 20,366 1,892 £20.00 n/a 05.01.2014 New workshop units and conference Suite 1, Business lease and meeting rooms across the 1st Floor Services Ltd* 49 car from North East. It is a not for profit Suites 3 & 4, (Guaranteed spaces 06/01/2011 limited company that exists to 2nd Floor by Aker support and invest in the creation Suite 7 Solutions ASA) and support of profitable business. www.enetrust.com Suites 5, 6, 8 Enterprise £301,181 16,598 1,542 £18.15 30.04.2013 29.04.2019 Business 1st & 2nd North East Centre and Wood Group, a FTSE 250 Floors Trust Ltd* 41 car Aberdeen company, is a leading spaces HQ international energy services company, employing Ground Floor Wood Group £70,480 3,524 327 £20.00 01/08/2013 31.07.2018 Tenant approximately 29,000 people Suite 2 Management break worldwide and operating in 50 Services Ltd* 8 car 01/08/2013 countries. It is a leading (Guaranteed by spaces independent services provider WG Engineering for the oil & gas and power North Sea Ltd * generation markets and is £775,661 40,488 3,761 comprised of three businesses - Engineering & Production 98 car Facilities, Well Support, and Gas spaces Turbine Services. www.woodgroup.com All three tenancies are on full repairing and insuring leases. * Experian Risk Report available. 7 8 AD K RO N OO ER YN PO SECOND FLOOR RA IK RO AD 4 5 RU SS EL LR OA D FREEHOLD LEASEHOLD 3 6 FIRST FLOOR ADMIRAL COURT Tenure 1 2 Heritable (Scottish legal equivalent of English freehold) and part ground lease. Ground Lease: 125 years from Aberdeen Harbour Board, expiring 28/05/2090. Current Rent of £6,444 per annum is reviewed on 28/05/2011 and 4 yearly thereafter. Area of leasehold 781 sq.m. ERV £8,600 per annum. Service Charge Further information is available from the joint selling agents. Capital Allowances Miller Cromdale have never claimed any capital allowances. Please GROUND FLOOR contact the joint selling agents for further details. VAT The property has been registered for VAT purposes. It is anticipated, ET TRE ABERDEEN however, that a sale will be effected by means of a transfer of going IO NS HARBOUR UN EE T concern (TOGC). BRIDGE STR ILD GU COMMERCIAL QUAY Investment Proposal T S MA We are instructed to seek a price in excess of £8.286m, exclusive of RK COLLEG ET VAT. The asking price reflects a Net Initial Yield of 8.75% after ST RD RE deduction of purchaser’s costs (taken at 5.8%). E ST N TO ET S ER LM RD PA OK NO SOUTH ST ER ELL YN PO FOR FURTHER INFORMATION PLEASE CONTACT THE JOINT SELLING AGENTS: RD RA COL IK R D LEGE S ST RU POR TL WE VICTORIA SS AND DE OLD ELL S T NA BRIDGE LA T F OR RD SP DR E H RT D NO PALMERSTON PL 01224 322 399 Kenny Waitt Kenny Lyon ADMIRAL COURT DD: 0131 301 6706 email@example.com DD: 01224 322 399 firstname.lastname@example.org A DEVELOPMENT BY Important: These particulars do not form part of any contract. Neither the selling agents, nor any of their partners, directors, employees or agents are authorised to give or make any warranty or representation on behalf of any party. Whilst information and particulars are given in good faith, intended purchasers or tenants must satisfy themselves independently as to the accuracy of all matters on which they intend to rely. All negotiations are subject to contract. February 2011.
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