Bridge View and Consort House sold by Ulster Estates to Gatehouse Bank
One of Aberdeen's largest office development has been sold in a £59.9 million deal.
Bridge View and Consort House, comprising nearly 160,000 sq. ft over six floors, has been sold by Northern Irish property firm Ulster Estates to Gatehouse Bank, a wholesale Shariah compliant investment bank based in the City of London.
Bridge View, constructed in 1998, and Consort House, a purpose built extension developed in 2006, is currently fully let, mostly to oil and gas service provider Petrofac for its North Sea headquarters.
The sale represents a net initial yield of 7.15 per cent.
Blackcube Asset Management advised Ulster Estates and Gatehouse were advised by Nightingale Partners on the deal.
Scott Nicol, vice president of real estate at Gatehouse Bank said: “The Aberdeen office market has seen a greater take up of space last year than any other key regional centre outside the south east, and is likely to remain buoyant for the foreseeable future.
“The severe lack of quality, large floor plated Grade A space has caused rental values to rise significantly.
“The fact that investors are typically seeking prime and long income deals in core regional city centre locations, with a strong tenant and assured security of income, means that this deal is a particularly significant acquisition for Gatehouse.”