Following a very successful refurbishment and letting campaign, GSS Developments has put 37 Albyn Place, Aberdeen up for sale through Ryden for a price tag of £3.9m.
The imposing period property, which was extended in the mid-1990s and vacated by KPMG last year, was comprehensively refurbished and reconfigured to provide energy efficient multi-let office accommodation.
The property was fully let within six months of completion in a very challenging market which is testament to the high quality space provided by the developer. Four established tenants are signed up - Azets, Savills, RockRose and Shepherd & Wedderburn - giving investors a rare opportunity to own a prime office with income diversified across a wide range of business sectors.
Tim Stevenson, director of GSS Developments, commented: "Our repositioning of this property has been a tremendous success and has exceeded our expectations. The speed of reletting demonstrates that occupiers remain eager to sign up for quality office accommodation despite the recent working from home initiatives adopted during the pandemic. Investors should take comfort from that."
Ken Shaw, investment partner at Ryden, added: "The price reflects a net initial yield of 7.23%, which offers excellent value compared with similar investments in Edinburgh and Glasgow. Interest is anticipated from private investors and property companies seeking a high but secure return."
For further information on this investment opportunity please contact Ken Shaw at ken.shaw@ryden.co.uk.