Aberdeen riverside / Quay property trio up for auction

Ardent West, North Esplanade Way, Aberdeen

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THREE property assets in Aberdeen are being offered for sale at auction on July 12th. They comprise an office building; industrial/trade counter asset; and a heritable ground rent interest.

THREE property assets in Aberdeen are being offered for sale at auction on July 12th. They comprise an office building; industrial/trade counter asset; and a heritable ground rent interest.

The heritable ground rent investment Ardent West on North Esplanade Way is in the auction with a guide price of £575,000-£700,000. The building is let to Coal Pension Properties until 2139 on lease with 117 years unexpired. The ground rent provides an annual income of £25,923, and there are five-yearly reviews with a minimum uplift of 2.5% compounded annually.

Cromarty House is a harbourside office building situated at 67-72 Regent Quay and has a guide price of £225,000-£250,000 for the heritable interest. The property is currently vacant and offers an opportunity to redevelop or repurpose subject to planning.

The third Aberdeen property in the sale is River House at South Esplanade East. The 28,423 sq ft property is currently vacant and is offered with a guide price of £125,000-£150,000.

Mhairi Archibald of Acuitus commented: “Ardent West is an excellent opportunity to acquire long-term sustainable income while Cromarty House and River House have asset management potential for reletting or repurposing. Both properties should benefit from the £350m Aberdeen Harbour extension which is due for completion in October.”

The Acuitus auction will take place on July 12th at 1pm and will be broadcast via livestream on the Acuitus website with bidding online, by telephone and by proxy. Further details of the auction can be found here.

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