The largest commercial office in Aberdeen to go on the market
for over three years has launched with a £42million price tag.
CBRE has been instructed by current owners Patrazia to sell Annan House, a 120,000sq ft office block in in the
centre of Aberdeen’s North Dee Business Quarter (NDBQ), located next to Union Square.
Developed by Drum Property Group in 2015, and bought by Rockspring in the same year, the office is let to EnQuest. The lease, which includes a parent company guarantee, has over 12 years to expiry.
OEUK and Worley also have a significant presence in the building.
The guide price
reflects a net initial yield of 8%, although the running yield rises to 9.16%
in June 2025 and 10.49% in June 2030 due to five-yearly rent reviews in the
lease.
Click here to view the sales particulars.
Mischa Davis, Patrazia Hanover Property Unit Trust fund
director, said: “Our sale of Annan House is part of Hanover’s ongoing strategy
to evolve its sector allocation and ensure investors have a good spread of real
estate risk across relevant asset classes, including alternatives such as
student housing, healthcare/senior living, data centres and life sciences.
“As a leading balanced
fund in its peer group, our aim for Hanover is to provide investors with a
market-leading diversified portfolio that evolves as the market changes.”