ABERDEEN: OFFICE INVESTMENT FOR SALE
Poynernook Road, Aberdeen, AB11 5QX
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
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.
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
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.
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.
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
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
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.
All three tenancies are on full repairing and insuring leases. * Experian Risk Report available.
7 8 AD
FIRST FLOOR ADMIRAL COURT
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.
Further information is available from the joint selling agents.
Miller Cromdale have never claimed any capital allowances. Please
GROUND FLOOR contact the joint selling agents for further details.
The property has been registered for VAT purposes. It is anticipated,
TRE ABERDEEN however, that a sale will be effected by means of a transfer of going
IO NS HARBOUR
UN EE T concern (TOGC).
GU COMMERCIAL QUAY
We are instructed to seek a price in excess of £8.286m, exclusive of
VAT. The asking price reflects a Net Initial Yield of 8.75% after
deduction of purchaser’s costs (taken at 5.8%).
PO FOR FURTHER INFORMATION PLEASE CONTACT THE JOINT SELLING AGENTS:
TL WE VICTORIA
S T NA BRIDGE
01224 322 399
Kenny Waitt Kenny Lyon
ADMIRAL COURT DD: 0131 301 6706
DD: 01224 322 399
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.