International real estate advisor Savills has acted on behalf of landlord Hareness Circle LLP on its refurbishment and subdivision project at Block One, Hareness Circle, Altens Industrial Estate in Aberdeen and subsequent first letting at the scheme with Accelleron, a global leader in turbocharging and fuel injection systems, which has taken occupancy of Unit E.
The new lease is for a term of 10 years, with a tenant break option after five years. Unit E extends to 5,734 sq ft and comprises workshop, office and mezzanine accommodation, together with dedicated car parking. The transaction was agreed at a headline rent of £8.00 per sq ft.
Prior to the letting, Hareness Circle LLP undertook an extensive refurbishment programme at the property, including the installation of new external cladding and perimeter fencing, alongside a comprehensive internal refurbishment. The works have transformed the units, creating modern, high-quality industrial accommodation within one of Aberdeen's most established industrial locations in the Energy Transition Zone.
Acceleron's commitment to the property highlights the continued demand for well-presented industrial premises and demonstrates the value of strategic landlord investment in speculative refurbishment projects.
The letting leaves just two units available at Block One, Units A/B and C/D, which can be occupied separately, subdivided further or combined to provide a larger single unit. This flexibility allows requirements from approximately 5,000 sq ft to 20,000 sq ft to be accommodated.
Claire Herriot, Director in the Savills Aberdeen office, commented: "This is an excellent result for our client, with the landlord's investment in the refurbishment helping to secure a strong occupier commitment.
“The letting demonstrates the continued demand for quality industrial accommodation and the value that well-executed speculative refurbishments can add to an asset's leasing performance.”
George Northam, managing partner of Hareness Circle LLP agreed: “We are delighted with the success of Savills here and are looking forward to swift lettings of the remaining units.”
Letting enquiries should be directed to the joint letting agents, Savills and Graham & Sibbald.