Property agent Ryden has put an Aberdeen warehouse with 64,025 sq ft of space on the market for £5.5 million.
Currently housing information and assets storage company Iron Mountain, the price reflects a net initial yield of 8.53% and capital value of £86 per square feet.
It is available in isolation or as part of a portfolio (three other properties) and has a rent of £500,000 per year.
Located on the Wellheads Industrial Estate, the property is a stone’s throw from Aberdeen Airport and comprises the warehouse ground and first floor offices as well as a tenant mezzanine.
Ryden notes the property is elected for VAT and it is anticipated the sale will be dealt with by way of a Transfer of a Going Concern.
There is a tenant break option in 2025, subject to six months’ notice, while on lease expiry the tenant has option to extend the lease for a further five years with a rent review on May 25 2030.
Founded in 1951, Iron Mountain is a storage and information management services company with a real estate network of more than 85 million sq ft in more than 50 countries.
Iron Mountain provides solutions that include information management, digital transformation, secure storage, secure destruction, as well as data centres, cloud services, art storage and logistics.
The subject property is operated at 97% capacity and is positioned to serve the main contracts within the unit of multinational oil-related businesses.
Ryden operates across six UK locations
Originally known as Kenneth Ryden & Partners, the property company was founded in 1959 and opened its first office in Princes Street, Edinburgh.
The name was shortened to Ryden in 1989.
The company grew initially in Scotland opening offices in Glasgow and Aberdeen before expanding into England in the 1990s with premises in Leeds.
It is now a limited liability partnership of 43 partners and around 100 staff operating from six locations across the UK.
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