A prestigious office building in Aberdeen’s West End has been put up for sale, with a price tag of £3.9million.
Agents Ryden expect newly refurbished 37 Albyn Place, which is already fully let with four established tenants, to attract private investors and property companies seeking a “high but secure return.”
The imposing granite building was put on the market by GSS Developments following the refurbishment and successful letting campaign.
Accountants Azets and law firm Shepherd and Wedderburn (S&W) have taken office space there, along with estate agents Savils and independent oil and gas production and infrastructure company RockRose.
It was formerly the Aberdeen base of global professional services firm KPMG.
After KPMG left for offices it the city’s Marischal Square last year, GSS carried out the comprehensive refurbishment and reconfigured the building to provide energy efficient multi-let accommodation.
Despite challenging market conditions, it was fully let within six months of the work being completed.
Firms ‘eager to sign up for quality office accommodation’
GSS Developments director, Tim Stevenson, said: “Our repositioning of this property has been a tremendous success and has exceeded our expectations.
“The speed of reletting demonstrates that occupiers remain eager to sign up for quality office accommodation despite the recent working from home initiatives adopted during the pandemic. Investors should take comfort from that.”
Ken Shaw, investment partner at Ryden, added: “The price reflects a net initial yield of 7.23%, which offers excellent value compared with similar investments in Edinburgh and Glasgow.
“Interest is anticipated from private investors and property companies seeking a high but secure return.”
A former townhouse, built in the 19th century, 37 Albyn Place was extended in the mid-1990s.
S&W’s move to the building as the final tenant to sign up was announced at the end of last month.
Azets, which has had a base there since March, also took a further 2,000sq ft of space to give it capacity for 20 additional staff as part of its growth plans.