Wood’s HQ in Granite City on sale from £81m

Sir Ian Wood officially opened the new Wood Group office named in his honour at the Sir Ian Wood House at Altens. Picture by COLIN RENNIE April 21, 2016.

The Aberdeen headquarters of energy service giant Wood are up for sale at offers in excess of £81.2million.

Sir Ian Wood House at City Park, Altens, is being marketed by commercial property firm GVA as an “attractive” investment for any new owner, offering a 6.75% annual return on the purchase price.

The sitting tenant, FTSE 250 Index-listed Wood, has leased the building until 2013 and has an option to extend this for a further five years.

A quick sale of the 216,000sq ft complex – currently owned by HFD Property Group – would be one of the largest property deals seen in Aberdeen for years.

It would eclipse last year’s £43million sale of a building, home to Lloyd’s Register, at Prime Four Business Park.

But it could itself be put in the shade by the sale of Aker’s complex at Aberdeen International Business Park, with that site currently under offer at an asking price of £114.9million.

The price for Sir Ian Wood House works out at £375 per sq ft, which GVA said compared favourably with recent deals in Aberdeen.

HFD secured a £54million refinancing for the building, named after Wood’s former chairman, in 2016.

At the time, the owner rebuffed speculation the move was prompted by a failed attempt to sell the property, insisting there were no such talks.

But it is thought there was strong interest from UK and international investors seeking secure, long-term income from the grade-A office space.

Wood had celebrated the official opening of the Hareness Road building in the company of Sir Ian earlier that year.

The property, originally called CityPark1, was developed as Wood’s main site on the south side of Aberdeen.

Operations in Dyce and corporate headquarters in Justice Mill Lane complete the firm’s footprint in Europe’s energy capital.

Breaking

    Cancel