Refurbished and fully-let Aberdeen office property expected to sell for almost £4 million

Property agents are hopeful that a refurbished office property in Aberdeen will fetch almost £4 million after it was fully let despite the trend to work from home.

Following a “very successful” refurbishment and letting campaign, GSS Developments has put 37 Albyn Place up for sale through Ryden for a price tag of £3.9m.

The period property, which was extended in the mid-1990s and vacated by accountancy major KPMG last year, is said to have been “comprehensively refurbished and reconfigured to provide energy efficient multi-let office accommodation”.

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The property was fully let within six months of completion in a “very challenging market”. Four established tenants are signed up - Azets, Savills, RockRose and Shepherd & Wedderburn.

The period property at 37 Albyn Place in Aberdeen, which was extended in the mid-1990s and vacated by accountancy major KPMG last year, is said to have been 'comprehensively refurbished and reconfigured to provide energy efficient multi-let office accommodation'.

Property agents said potential investors had a “rare opportunity to own a prime office with income diversified across a wide range of business sectors”.

Tim Stevenson, director of GSS Developments, 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 per cent, 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."

Last week it emerged that Aberdeen was set for the biggest office deal in the city since the onset of the pandemic after a landmark building was put up for sale.

APAM – the UK property asset and investment manager – has instructed property agency Knight Frank to market Talisman House for £19.5m.

An investment deal for the building could trump the sale of Neptune Energy’s headquarters in the city earlier this year, which was marketed for just over £15.2m.

Property consultancy Knight Frank’s recent analysis found that office take-up in Aberdeen doubled between the second and third quarters of 2021.

Royal Dutch Shell recently announced its plan to relocate to the Silver Fin building, near Talisman House, and fellow oil major BP has committed to space at Aberdeen International Business Park in Dyce.

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