SHEPHERD Chartered Surveyors is offering a rarely available investment opportunity occupying a prestigious location in Aberdeen’s West End for sale.
Situated within the heart of the West End office district close to Queen’s Cross, which links the main office areas of Carden Place, Albyn Place and Queen’s Road, the 3,800 sq ft property is located on the north side of Carden Place close to its junction with Prince Arthur Street.
32 Carden Place is a traditional, granite semi-detached office building, the main section of which is of two storey, attic and lower ground floor construction, whilst a further section of building to the west is of two storey and lower ground floor design.
The ground and lower ground floor accommodation is currently occupied as a dental surgery whilst the recently refurbished first and attic levels are let to DNB NorBank, Norway’s largest financial services group.
Mark McQueen, senior surveyor in Shepherd’s commercial agency department in Aberdeen, said: “The West End is an extremely buoyant and sought after location and home to a number of professional organisations and oil companies and this property represents a unique opportunity to acquire a West End property investment with potential for rental increases at the next rent reviews.
“The high level of take up in Aberdeen’s office market in recent years has led to little or no grade A stock and West End offices being available in the city with demand ever increasing. This has resulted in higher rentals being achieved on longer leases with minimum incentive requiring to be conceded for prime office accommodation, leading to prime rents in the Aberdeen market rising to £31.50 per sq ft.
“The buoyant market has also seen increased activity in the investment market as investors seek low risk opportunities, such as offices located in the West End of Aberdeen, due to the good covenants on offer with the market experiencing low vacancy rates and positive take up levels. Market rents have risen considerably over the past 12 months and the shortage of quality accommodation suggests that this will continue.”
The dental surgery’s current rent passing is £39,400 pa on a lease expiring in 2020 with the next rent review due in 2015 whilst DNB NorBank signed a 10 year lease last year at a passing rent of £45,494 pa. The property benefits from a substantial car park with 17 spaces.
Offers are invited for this rare opportunity to purchase a West End office building. Interested parties should contact Mark McQueen on 01224 202800.
For further information please contact Mark McQueen at Shepherd tel 01224 202800
Issued on behalf of Shepherd by Liquorice Media tel 0141 561 4018 www.liquorice-media.com
Date 21st November 2012