Bishop House, a spectacular office building on Carden Place in the West End of Aberdeen, is for sale - with a quoting price of £2million.
The 7,260 sq ft traditional granite building, which includes a sleek, modern, open plan extension to the rear, has been the headquarters of SPACE for 18 years.
Brought to the market by CBRE and Savills on behalf of Knight Property Group, the £2million investment opportunity comes as tenant SPACE has recently agreed a further 10-plus-year lease extension with no breaks on a re-based rent.
Sale documents state: "We are seeking offers in the region of £2million exclusive of VAT for our client’s heritable interest (Scottish Equivalent of English Freehold), equating to a capital rate of £275 per sq ft.
"A purchase at this level would reflect a Net initial Yield of 8.03%, assuming standard purchasers’ costs of 6.23%."
A description of the property said: "Bishop House comprises an impressive, detached, double-fronted building of granite
and slate construction arranged over lower ground, ground and first floors.
"There is a substantial modern three-storey extension to the rear which provides open plan office accommodation across each level.
"Access to the building is provided via stairs to the main reception area with an alternative staff entrance via the car park to the rear of the property.
"The property benefits from an 8-person passenger lift which provides access to all floors of the building.
"Internally, Bishop House provides modern open plan office accommodation throughout, having been extensively and sympathetically refurbished and upgraded.
"Traditional and ornate features in the original buildings are complimented with a modern specification in the rear extension including a raised floor with carpet tiled coverings alongside a suspended ceiling with comfort cooling and double-glazed
windows across all floors.
"The original villa provides a grand boardroom on the ground floor with additional meeting rooms of varied sizes located throughout.
"There are male and female WCs on each floor with a disabled WC on the lower ground level.
"The lower ground floor features the staff breakout and kitchen area.
"There is a large self-contained car park to the rear (accessed via Albert Lane) which has 20 car parking spaces (ratio of 1:363 sq ft)."