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ADMIRAL COURT

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					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



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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.
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                                                                                                                             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).
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                                                                                                                             Investment Proposal
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                                                                                                                             We are instructed to seek a price in excess of £8.286m, exclusive of
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                                                                                                                             VAT. The asking price reflects a Net Initial Yield of 8.75% after
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                                                                                                                             deduction of purchaser’s costs (taken at 5.8%).
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                                                                       PO                                                    FOR FURTHER INFORMATION PLEASE CONTACT THE JOINT SELLING AGENTS:
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                                            PALMERSTON PL



                                                                                                                                                                                                 01224 322 399
                                                                                                                             Kenny Waitt                                                          Kenny Lyon
 ADMIRAL COURT                                                                                                               DD: 0131 301 6706
                                                                                                                             kenny.waitt@eu.jll.com
                                                                                                                                                                                                  DD: 01224 322 399
                                                                                                                                                                                                  kenny.lyon@young-co.com

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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