Office for sale in Bon Accord Crescent, Aberdeen AB11

£905,000 (£336.43/sq. ft)
Office for sale From 2,690 - 3,481 sq. ft*
Interested in this property? Call +44 20 8128 4245 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Property description

Summary
Rarely available townhouse investment

Head office of Aberdein Considine Solicitors

Let until December 2028 (tenant break option Dec 2023)

No VAT on purchase price

Offers in excess of £905,000, subject to contract

Net initial yield of 11%

Location
Aberdeen is located approximately 180 km (125 miles) north of Edinburgh and 210 km (145 miles) north east of Glasgow. The city benefits from excellent road communications with the A90 and A96 offering direct links to Dundee and Inverness. In addition, the city is connected to the national rail network with direct services to London Kings Cross with a fastest journey time of 4 hours 20 minutes. Aberdeen International Airport is approximately 9.6 km (6 miles) north-west of the city centre and is used by around 3 million passengers a year for scheduled and charter holiday flights.

Aberdeen City & Shire is the third largest city region in Scotland and home to almost 0.5 million people of which 230,000 live in Aberdeen. Aberdeen is one of the world's top five energy cities and has been ranked as one of the uk's most competitive cities with innovative industries, excellent academic and research capabilities and a highly skilled workforce. Alongside continued investment in energy, life sciences, tourism and hospitability, food, drink and agriculture, digital and the creative sectors are industries on the rise (Source: Aberdeen City Council).

The Aberdeen economy continues to bounce back from the effects of the recent downturn in the oil and gas industry. Latest evidence of an upturn comes from a new report revealing the Granite City has taken second place for growth across 45 of the country's largest cities.

Situation
The property is situated within Bon Accord Crescent within Aberdeen City Centre. The location is recognised as an established office location with the majority of the surrounding townhouses occupied by a variety of professional, it and Financial companies. The location is also within 5 minutes’ walk of Union Street, the principal retail street within the City Centre. The property is also within easy walk of numerous restaurants & bars.

The building overlooks Bon Accord Terrace Gardens.

Description
The subjects comprise twin mid terrace town houses of traditional construction arranged over basement, ground, first and attic floors under a pitched and slated roof. The subjects benefit from a grand traditional spiral staircase with high ceilings adding to the opulance of the property and complimenting the tenant's fit out of the subjects.

The subjects also benefit from a well presented tea preparation area along with male and female W.C. Facilities. The rear of the subjects benefits from a large secure car park, with 25 spaces, accessible from Bon Accord Terrace Lane via Old Mill Road.

The company occupies the property as their Head Office which also includes the adjacent buildings at 5,6, & 7 Bon Accord Crescent which they own.

Accommodation
A recent measurement was undertaken and we have been provided with the following floor areas:

8 Bon Accord Crescent
Basement 35.51 sq m (382 sq ft)
Ground Floor 89.21 sq m (960 sq ft)
First Floor 70.53 sq m (759 sq ft)
Second Floor 54.76 sq m (589 sq ft)
Total Net Internal Area 250.01 sq m (2,690 sq ft)

9 Bon Accord Crescent
Basement 73.67 sq m (793 sq ft)
Ground Floor 88.69 sq m (954 sq ft)
First Floor 84.67 sq m (911 sq ft)
Second Floor 76.50 sq m (823 sq ft)
Total Net Internal Area 323.53 sq m (3,481 sq ft)
8 and 9 Total Net Internal Area 573.53 sq m (6,171 sq ft)

Tenure
Heritable (Scottish equivalent of English Freehold)

Tenancy
Both buildings are let on a single lease to The Firm of Aberdein Considine and Company on a full repairing and insuring basis (subject to a Schedule of Condition) from 29th March 2019 and expiring on 31st December 2028. There is a tenant only break option on 31st December 2023 and a rent review on 1st January 2024.

The passing rent is £105,000 per annum, reflecting a rate of £17.02 per sq ft.

Pre-Emption
The landlord has a separate Right of Pre-emption Agreement to buy the adjacent townhouses at 5,6 and 7 Bon Accord Crescent and 6 and 7 Bon Accord Crescent Lane. The buildings are owned and occupied by Aberdein Considine under the trading name ac Commercial (Scotland) Ltd and the agreement provides our client with the right to match any offer from a 3rd party to buy the adjacent buildings.

Our client is happy to assign this agreement, at no cost, to the purchaser of Nos 8 & 9

Covenant
Aberdein Considine was launched in 1981 and is an award-winning law firm with 19 offices across Scotland and the north of England and more than 450 staff. Aberdein Considine is a partnership made up of 30 partners.

They are Scotland's largest estate and leasing agent with a national network of high street branches, including in the key cities of Aberdeen, Edinburgh, Glasgow, Perth and Stirling.

They offer a full range of legal services to individuals and businesses and have a leading financial services department, which deals with everything from personal finance up to corporate benefits.

The company occupies the property as their Head Office which also includes the adjacent buildings at 5,6, & 7 Bon Accord Crescent which they own.

For further information go to .


VAT


The property is not presently opted to tax therefore VAT will not be payable on the purchase price.

Proposal
We are instructed to seek offers in excess of £905,000 (Nine Hundred and Five Thousand pounds), which reflects a net initial yield of 11% after allowing for standard purchaser’s costs of 5.64%

Please note that a purchaser will be re-charged the costs of the surveys and searches which are provided in the data room.

Investment Considerations
Headquarters building in Aberdeen City Centre;

Potential for future conversion to residential;

Let to the Partners of Aberdein Considine;

Rarely available purchase opportunity;

VAT free investment.

Right of Pre-Emption to buy adjacent buildings

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Singer Vielle, W1G on +44 20 8128 4245 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Singer Vielle, and do not constitute property particulars. Please contact Singer Vielle for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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