The Aberdeen base of the company leading the UK’s highest-profile carbon capture and storage (CCS) project has gone up for sale for a seven-figure sum.
Crown House, commanding a prime location at Arnhall Business Park, is now on the market with a price tag of £1.9 million – reflecting a net initial yield of 10.43%. Knight Frank, the independent commercial property consultants, has been appointed to sell the property on behalf of its owner.
The building currently has two occupiers with long-term ties to Aberdeen, international insurance group Marsh McLennan and Pale Blue Dot Energy, a subsidiary of Storegga.
Marsh McLennan has a strong presence in Aberdeen through its acquisition of Central Insurance in 2014, which was headquartered in the Granite City. Storegga is spearheading the development of the Acorn project, one of the most mature UK CCS and hydrogen projects and a European Project of Common Interest.
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The modern office development stretches to more than 13,000 sq. ft. spread over two storeys and has recently undergone a refurbishment. It is highly energy efficient, with an EPC rating of A.
Matthew Park, partner at Knight Frank Aberdeen, said: “Crown House is a great opportunity to acquire a modern, income-producing office building at an attractive yield. The strong tenant covenants, with both companies having long-term commitments to Aberdeen, also provide a greater degree of assurance for investors.
“Aberdeen is emerging as the most liquid market in Scotland, with buyer and vendor expectations broadly aligned, and we believe Crown House is well positioned to benefit from this trend.”
