Standard
Real Estate (SRE) has announced that it has acquired landmark Aberdeen
investment, Caledonian House, on the City’s Union Street.
The 55,000
square foot building is fully let to office occupier group Wood Group, British
Heart Foundation and Pret A Manger. The building is situated in the prime pitch
of Union Street at the corner of Union Row, adjacent to Union Square with an
additional 45 car spaces.
This is a
further strategic acquisition for SRE following previous acquisitions in the
City. In 2019 the group acquired the Union Point Building, extending to 36,100
sq ft at Blaikie’s Quay which (at that time) was virtually vacant and
unrefurbished.
Following an
investment in excess of £1.5million on refurbishment works, the building is now
nearly 90% let to a variety of national and local companies and charities
benefitting from good quality modern refurbished offices from 125 sq ft to
suites of 3,400 sq ft.
The building
now benefits from a high quality café and 110 parking spaces with 5 electricity
charging spaces.
Other
holdings in the city include Merchant Exchange, 25 Exchange Street, a modern
office building of 16,790 sq ft with 35 car spaces. Proposals are commencing to
provide fully furnished and fitted office suites for companies looking for
flexible leases. Desking options from 8 to 40 desks with shared collaborative
and break out areas will be provided. Fully inclusive rental charges will be
available providing fixed cost space.
SRE
Director, Hamish Munro, commented: “We view this acquisition as key to our
continued success in Aberdeen. Our formula is simple – to provide bespoke
office space for users large and small on flexible lease terms at an economic
rental. The revitalisation of Union Street is key to the heart of Aberdeen and
our plans for this building should provide the space for new and established
businesses to be at the centre of the City complementing our other locations.
“In 2023 we
will focus on Merchant Exchange and the limited remaining space at Union Point
and Golden Square whilst in 2024 we will have available bespoke space within
Caledonian House.”