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Ensco House, Site C2

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Gateway Business Park Gateway CrescentAberdeen AB12 3GA AberdeenshireScotland
Ref: 8198

  • Size 25,802.00 ft² (2,397.08 m²)
  • Price: £7,000,000
  • Initial Yield 6.81
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Janey Douglas

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Simon Cusiter

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Description

Description

Prime Long Income Office Investment Opportunity

Investment Summary

  • 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%

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Janey Douglas
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Simon Cusiter
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I am interested in this property. Please contact me with further information. Many thanks.

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JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:-
a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.
For properties in Scotland:
e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law
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