Monday, October 02, 2023
Aberdeen successes for Graham + Sibbald
Graham + Sibbald, acting on behalf of Cascades Estates, have advised on the acquisition and disposal of the Quattro Business Park, a modern office and workshop complex in Altens. This has resulted in the early letting of 45,800 sq. ft office accommodation and an imminent announcement on a 20,000 sq.ft workshop.
The development was purpose designed in the early 1990's for Italian oil company, AGIP/ENI and was purchased in the face of hot competition for over the £5 million asking price and rebranded Quattro Business Park by Cascade.
The property immediately attracted considerable interest and Cascade managed to secure an early letting of the 45,000 sq.ft office element to international oil & gas contractor AMEC.
In addition to letting all the offices, the warehouse extending to 19,000 sq.ft is under offer to another international oil & gas service company and this letting will complete the disposal of Quattro Business Park, within a few months of coming onto the market.
"The Quattro Business Park is an ideal product and perfectly meets the requirements of the current occupier's demand. Cascade is to be congratulated on their confidence in the local property market and the future of Aberdeen as a successful property investment location," said Simpson Buglass, Partner in Graham + Sibbald Aberdeen office.
"Aberdeen is experiencing very high levels of occupier demand at present, last equalled in the early 1980's, with most types of property benefiting from this increased activity. Undoubtedly fuelled by a buoyant oil & gas sector riding high on $70 oil, third world consumption growth and political instability in some of the oil producing regions, this prosperity is set to continue for some time." Mr Buglass commented.
"The offices were let in a very short space of time, the workshop building is under offer and a missive has already been concluded for an investment sale. This has been a very successful venture," he added.
James Barrack of Knight Real Estate, who purchased the site as part of the Cascades joint venture said: "We were delighted to acquire this development and to secure the AMEC lease. They have undoubtedly acquired one of the most accessible office developments in the city and will enjoy excellent quality accommodation at Quattro Business Park.
"The size and speed of the letting illustrates the current level of demand for quality office accommodation, as well as the strength of the market. A further announcement will follow shortly on the letting of the workshop. This deal underlines the success of Knight Real Estate and our commitment to further development and investment in Aberdeen."
Graham + Sibbald acted jointly with F.G. Burnett in respect of this instruction. Cascade Estates is a joint venture between Knight Real Estate, Aberdeen and LTL Property Investments, Glasgow.
Graham + Sibbald, acting for The Glenvarigill Company Ltd, have already sold two modern showroom buildings to Knight Real Estate in July, further underlining the popularity of Altens as one of Aberdeen's principal business locations.
Knight has retained Graham + Sibbald to remarket these buildings and is planning to comprehensively refurbish one building to provide 10,000 sq.ft office accommodation, which will be available later this year and replace the other with an exciting two storey office pavilion extending to 19,000 sq.ft. This property will be available in June 2007 and considerable interest is already being shown in both buildings.
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The development was purpose designed in the early 1990's for Italian oil company, AGIP/ENI and was purchased in the face of hot competition for over the £5 million asking price and rebranded Quattro Business Park by Cascade.
The property immediately attracted considerable interest and Cascade managed to secure an early letting of the 45,000 sq.ft office element to international oil & gas contractor AMEC.
In addition to letting all the offices, the warehouse extending to 19,000 sq.ft is under offer to another international oil & gas service company and this letting will complete the disposal of Quattro Business Park, within a few months of coming onto the market.
"The Quattro Business Park is an ideal product and perfectly meets the requirements of the current occupier's demand. Cascade is to be congratulated on their confidence in the local property market and the future of Aberdeen as a successful property investment location," said Simpson Buglass, Partner in Graham + Sibbald Aberdeen office.
"Aberdeen is experiencing very high levels of occupier demand at present, last equalled in the early 1980's, with most types of property benefiting from this increased activity. Undoubtedly fuelled by a buoyant oil & gas sector riding high on $70 oil, third world consumption growth and political instability in some of the oil producing regions, this prosperity is set to continue for some time." Mr Buglass commented.
"The offices were let in a very short space of time, the workshop building is under offer and a missive has already been concluded for an investment sale. This has been a very successful venture," he added.
James Barrack of Knight Real Estate, who purchased the site as part of the Cascades joint venture said: "We were delighted to acquire this development and to secure the AMEC lease. They have undoubtedly acquired one of the most accessible office developments in the city and will enjoy excellent quality accommodation at Quattro Business Park.
"The size and speed of the letting illustrates the current level of demand for quality office accommodation, as well as the strength of the market. A further announcement will follow shortly on the letting of the workshop. This deal underlines the success of Knight Real Estate and our commitment to further development and investment in Aberdeen."
Graham + Sibbald acted jointly with F.G. Burnett in respect of this instruction. Cascade Estates is a joint venture between Knight Real Estate, Aberdeen and LTL Property Investments, Glasgow.
Graham + Sibbald, acting for The Glenvarigill Company Ltd, have already sold two modern showroom buildings to Knight Real Estate in July, further underlining the popularity of Altens as one of Aberdeen's principal business locations.
Knight has retained Graham + Sibbald to remarket these buildings and is planning to comprehensively refurbish one building to provide 10,000 sq.ft office accommodation, which will be available later this year and replace the other with an exciting two storey office pavilion extending to 19,000 sq.ft. This property will be available in June 2007 and considerable interest is already being shown in both buildings.
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The new Property Executive business directory is now online. To add a free listing for your company click here.
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