The commercial development potential south of Aberdeen is underlined by a £14million investment sale achieved by the Granite City office of property firm Knight Frank on behalf of Dandara.
LaSalle Investment Management, a subsidiary of commercial property market giant Jones Lang LaSalle, acquired the 68,000 square feet building currently under construction at Badentoy North business park in Portlethen.
Energy service firm Schlumberger Oilfield UK will be the tenant, with a 15-year pre-let lease at an initial annual rent of £994,000.
The unit is being built on one of the mixed-use sites at Dandara’s 40-acre development and is scheduled for completion in December.
Eric Shearer, Aberdeen-based partner of Knight Frank, said: “We have worked closely with Dandara at Badentoy North, from the original acquisition of the land in 2013 through to our current agency role for the established 60-acre business park.
“We have always had confidence in the potential of this development, both from the perspective of the developer and investors.”
He added: “The agreement with LaSalle reinforces that confidence and is another indication of the strength of the commercial market in the north-east of Scotland.
“Development is not confined to one specific area, with significant projects to the north, south and west of Aberdeen as well as in the city centre itself, and the success of Badentoy North demonstrates the demand on the A90 corridor.”
Dandara specialises in the design, build, sale and rental of commercial property and is leading a number of prominent developments in and around Aberdeen.
These include The Point in the city centre, City South at Portlethen and bespoke design and build office projects for a range of energy industry clients in Westhill.
Dandara development director Neil Young said: “We are pleased to have concluded this investment sale at an important stage of the Badentoy North project, which underlines the strength of the development.
“Badentoy North represents and integral part of our strategy for the region and we are delighted to already have several blue-chip investors and tenants on-board.”