Wednesday, March 28, 2024
Knight sells Aberdeen office development for £4.89m
Knight Real Estate has sold 2-8 Albyn Place to a private investor
Leading commercial property developer Knight Real Estate has sold 2-8 Albyn Place, Aberdeen to a private investor for £4.89m reflecting a net initial yield of 5.25%.
The property comprises circa 13,000 ft² of Grade A office accommodation within a listed building which has been completely redeveloped and refurbished by Knight. It has been transformed from a dated granite townhouse into modern Grade A office accommodation over four floors.
The end result is a prestigious office development with car parking located at the heart of Aberdeen's business district. The building was been pre-let to Genesis Oil & Gas Consultants for a period of 15 years at a rental of £21 per ft².
Commenting on the deal, Simon Cusiter, Partner at King Sturge said: "Knight's foresight and confidence in the Aberdeen office market has been rewarded with the successful conclusion of this deal."
James Barrack, Managing Director of Knight Real Estate added: "The sale of this office provided an excellent opportunity for Knight and we experienced interest from a number of potential buyers which reflects the on-going strength within the Aberdeen market."
Simon Cusiter of King Sturge advised KRE.
Leading commercial property developer Knight Real Estate has sold 2-8 Albyn Place, Aberdeen to a private investor for £4.89m reflecting a net initial yield of 5.25%.
The property comprises circa 13,000 ft² of Grade A office accommodation within a listed building which has been completely redeveloped and refurbished by Knight. It has been transformed from a dated granite townhouse into modern Grade A office accommodation over four floors.
The end result is a prestigious office development with car parking located at the heart of Aberdeen's business district. The building was been pre-let to Genesis Oil & Gas Consultants for a period of 15 years at a rental of £21 per ft².
Commenting on the deal, Simon Cusiter, Partner at King Sturge said: "Knight's foresight and confidence in the Aberdeen office market has been rewarded with the successful conclusion of this deal."
James Barrack, Managing Director of Knight Real Estate added: "The sale of this office provided an excellent opportunity for Knight and we experienced interest from a number of potential buyers which reflects the on-going strength within the Aberdeen market."
Simon Cusiter of King Sturge advised KRE.
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