Gateway Business Park , Gateway Crescent, Aberdeen, AB12 3GA, Aberdeenshire, , Scotland
Prime Long Income Office Investment Opportunity
- Opportunity to purchase a prime, long let HQ office investment, located within one of Aberdeen's strongest performing Business Parks;
- The park's strategic importance is highlighted by the high level of pre-letting activity over the years;
- The property provides a modern HQ office extending to 2,397.07 sq m, (25,802 sq ft) benefitting from 96 car spaces providing an excellent parking ratio of 1:25 sq m (1:269 sq ft);
- Let in its entirety to Ensco Services Limited (D&B 3A2) with a guarantee from Ensco Plc (D&B 5A1) on FRI terms until 7 July 2029;
- Current rental of £506,250 per annum reflecting a low passing level of £213.64 per sq m (£19.85 per sq ft);
- The lease incorporates provision of 5 yearly fixed rental uplifts of 2.75% per annum compounded with the next rent review due as at 8 July 2019.
Offers in excess of £7,000,000 (Seven Million Pounds Sterling) are sought for our client's Heritable interest (Scottish equivalent of English Freehold), subject to contract and exclusive of VAT.
A purchase at this level would provide the following yield profile after purchaser's costs at 6.16%:
Net Initial Yield of 6.81%
Reversionary Yield as at July 2019 of 7.80%
Reversionary Yield as at July 2024 of 8.94%