Large Schoolhill property on the market for £1.1million

19/06/2023

A LARGE mixed retail and residential property in the heart of Aberdeen has come on the market, priced at £1.1million.

The Schoolhill site consists of six retail units plus nine residential properties on the upper floors.

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The building is being marketed by CBRE, which describes it as “a unique investment/development opportunity”.

CBRE goes on: “The current landlord has allowed the leases of the retail properties to expire to enable potential conversion of the first-floor retail/storage areas to further residential units. 

“The property currently benefits from planning and all statutory consents for redevelopment of the first-floor space above the retail units to create four additional residential properties.”

CBRE says the site at 4/26 Schoolhill is adjacent to the Bon Accord Centre shopping mall, and just a short walk from Union Street.

Projects currently underway to improve the fortunes of the city centre may whet the appetite of potential buyers.

A new community-led initiative to re-energise Union Street was recently launched.

Our Union Street wants to bring new businesses and people to the Granite Mile.

Bob Keiller is chairman of the group – which is being backed by Aberdeen Inspired, Aberdeen & Grampian Chamber of Commerce, AB15, Aberdeen City Council, Opportunity North East and Shell.

Our Union Street recently published details of the key themes which have emerged from the 10,000 ideas submitted by the public.

The group has identified 17 key areas to investigate as it moves forward with attempts to revive the Granite Mile. They all fall under the five distinct challenges facing Union Street, which are: footfall, accessibility, the state of the street, empty shops and the narrative around it.

Next steps for Our Union Street

Over 1,000 volunteers have put their names forward to support the organisation, and 400 people joined a public meeting at the Music Hall earlier this month to hear more about the group’s next steps.

Meanwhile, a revised planning application was this month submitted for the new Aberdeen market building which will be a destination venue featuring international-style food and drink outlets.

The development will also improve pedestrian connections between Union Street and the bus and railway stations via The Green.

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