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1-3 Albyn Ter 11,638 sq ft 94% Let Office Property Aberdeen AB10 1YP £1,450,000 (£124.59/sq ft) 13.01% Net Initial Yield

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INVESTMENT HIGHLIGHTS

  • Recently refurbished multi let office investment.
  • Largely contemporary office space comprising 11,638 sq. ft with 24 car parking spaces and 8 garages.
  • Let off re-based rents - fully substantiated by recent lettings activity.
  • Offers over £1,450,000 exc VAT, reflecting a net initial yield of 13.01%.
  • Situated in the heart of Aberdeen's West End.
  • Multi-let with diversified business sector income including ground floor let to Handelsbanken.
  • Recent landlord investment of over £250,000.

EXECUTIVE SUMMARY

Offers over £1,450,000 excluding VAT are sought for our client’s heritable interest in the building. A purchase at this level would show a net initial yield of 13.01% after deduction of purchaser’s costs and LBTT. Any unexpired rent-free periods will be deducted from the purchase price at settlement.

PROPERTY FACTS

Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
11,638 sq ft
Costar Property Class
B
Year Built/Renovated
1867/2023
Price
£1,450,000
Price per sq ft
£124.59
Yield
13.01%
NOI
£188,645
Occupancy Rate
94%
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
2,910 sq ft
Floor To Floor Height
12 ft
Plot ratio
2.97
Total Plot Size
0.09 ac
Parking
32 Spaces (2.75 Spaces per 1,000 sq ft Leased)

AMENITIES

  • Raised Floor
  • Security System
  • Kitchen
  • Storage Space
  • Central Heating
  • Demised WC facilities
  • Shower Facilities
  • Air Conditioning

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • sq ft OCCUPIED
  • RENT/sq ft
  • LEASE END
  • Ancala Midstream
  • Mining, Quarrying, and Oil and Gas Extraction
  • -
  • £21.77
  • -
  • Prism Energy Ltd
  • Utilities
  • -
  • £9.00
  • Feb 2027
TENANT INDUSTRY sq ft OCCUPIED RENT/sq ft LEASE END
Ancala Midstream Mining, Quarrying, and Oil and Gas Extraction - £21.77 -
Prism Energy Ltd Utilities - £9.00 Feb 2027

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • USE
  • CONDITION
  • AVAILABLE
  • Lower Level-Ste Suite 3
  • 642 sq ft
  • Office
  • Full Fit-Out
  • Now

1-3 Albyn Terrace is situated within the heart of Aberdeen's West End. The property is prominently located at the eastern end of Albyn Terrace adjacent to the corner of Prince Arthur Street. The property overlooks Albyn Place, one of the city's main arterial routes, and Queen's Terrace Gardens. A variety of local amenities are situated within walking distance, including cafes, restaurants, and hotels. The city centre is easily accessible by foot with Union Street, the city's main retail thoroughfare, some 400m east of the property. The City's train and bus stations are within 20 minutes walking distance whilst Aberdeen International Airport is approximately a six miles drive. Occupiers in close proximity include a large array of professional service firms and energy companies. To name a few; Royal Bank of Scotland, Bank of Scotland, Johnston Carmichael, Shepherd and Wedderburn LLP, Stronach's LLP and Genisis Energies. The premises comprise an architecturally attractive Category B Listed building of granite and slate construction, together with a secure private car park and garages accessed via lane at the rear. Suite 3 is the only available within the building, and offers an open plan office space and secure storage room, accessible either through a private entrance on Albyn Terrace or internally from the rear car park. The buildings common areas have recently been refurbished, and there are shared kitchen and toilet facilities on the lower ground floor.

Space Size Space Use Condition Available
Lower Level-Ste Suite 3 642 sq ft Office Full Fit-Out Now

Lower Level-Ste Suite 3

Size
642 sq ft
Space Use
Office
Condition
Full Fit-Out
Available
Now

Lower Level-Ste Suite 3

Size 642 sq ft
Space Use Office
Condition Full Fit-Out
Available Now

1-3 Albyn Terrace is situated within the heart of Aberdeen's West End. The property is prominently located at the eastern end of Albyn Terrace adjacent to the corner of Prince Arthur Street. The property overlooks Albyn Place, one of the city's main arterial routes, and Queen's Terrace Gardens. A variety of local amenities are situated within walking distance, including cafes, restaurants, and hotels. The city centre is easily accessible by foot with Union Street, the city's main retail thoroughfare, some 400m east of the property. The City's train and bus stations are within 20 minutes walking distance whilst Aberdeen International Airport is approximately a six miles drive. Occupiers in close proximity include a large array of professional service firms and energy companies. To name a few; Royal Bank of Scotland, Bank of Scotland, Johnston Carmichael, Shepherd and Wedderburn LLP, Stronach's LLP and Genisis Energies. The premises comprise an architecturally attractive Category B Listed building of granite and slate construction, together with a secure private car park and garages accessed via lane at the rear. Suite 3 is the only available within the building, and offers an open plan office space and secure storage room, accessible either through a private entrance on Albyn Terrace or internally from the rear car park. The buildings common areas have recently been refurbished, and there are shared kitchen and toilet facilities on the lower ground floor.

  • Listing ID: 31959344

  • Date on Market: 30/05/2024

  • Last Updated:

  • Address: 1-3 Albyn Ter, Aberdeen AB10 1YP

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