It is hoped an £11.3 million property investment deal will pave the way for new homes in the heart of Aberdeen.
City Wharf, a six-storey mix of retail and leisure accommodation, along with Grade A office space, on Shiprow has changed hands.
The ground floor of nearby Exchequer House, occupied by Grosvenor Casinos, formed part of the transaction but its upper floors were not included.
These four levels of vacant office space – totalling 23,515sq ft – are being marketed separately through property giant Knight Frank, which together with owner Moorfields, is now seeking change of use planning consent to allow their conversion into residential accommodation.
Property experts have been saying for years that transforming central offices into flats could help to beathe new life into town and city centres.
Changing shopping habits has led to a severe decline in traditional retailing, leading in many cases to boarded up stores and a raft of charity shops and bookkeepers on UK high streets.
The potential change of use for offices in the heart of Aberdeen comes after Moorfields sold the 66,045sq ft City Wharf development, together with the ground floor of Exchequer House to Hamcap (Aberdeen), which is owned by a fund managed by Glasgow-based commercial property consultancy Hamilton Kelly Investment Partnership (HKIP).
The accommodation is let to occupiers including catering equipment company Nisbets, marine services firm V Ships, video capture software specialist Return to Scene, shipping business Clarksons Platou and North Sea-focused Maersk Drilling UK.
HKIP’s fund has also acquired a 386-space multi-storey car park, which is currently let to NCP, and Grosvenor Casino’s 23,268sq ft.
Douglas Binnie, associate at Knight Frank, which brokered the deal, said ambitions to transform part of Exchequer House into new homes would complement the overall development.
Mr Binnie added: “Despite previous uncertainty facing the Aberdeen market, the city remains an attractive place to invest.
“With oil prices rebounding, City Wharf presented a good opportunity for HKIP to capitalise on the improving sentiment.”
