1 Queen's Cross is a prominent detached office building laid out over lower ground, ground, first and attic floors. To the rear of the property is a high quality modern extension fitted out to provide a banking hall with open plan office accommodation. The property benefits from 32 car parking spaces providing an excellent parking ratio of 1:266 sq ft.
Location
Aberdeen is Scotland’s third largest city with a population of approximately 220,000 and a regional catchment population of over 500,000. The city and the surrounding region has long been regarded as one of Scotland’s biggest success stories being a key engine of the Scottish and UK economies.
This area is considered to be 100% prime and has attracted several notable occupiers including RBS, Bank of Scotland, Johnston Carmichael, Azets, Nexos, Genesis Energies, Thorpe Molloy Recruitment, Stronachs, Shepherd & Wedderburn, Savills and Albyn Hospital. Other amenities within Carden Place the area include a host of local cafes, restaurants and convenience stores. Union Street, the City’s principal retail thoroughfare and home to The Capitol and Silver Fin office developments, is only a short walk away. In 2022, Shell relocated to the Silver Fin which has had a positive impact on the City Centre and West End. The exact location of the premises is shown on the aerial street map, and the title boundary is highlighted on the OS map
Accommodation
Lower Ground Floor 319.43 sq m.(3,438 sq ft)
Ground Floor .313.26 sq m ( 3,372 sqft )
First Floor 158.42 sq m (1,705 sq ft )
TOTAL.791.11 sq m (8,515 sqft )
Terms
Tenancy The property is let on Full Repairing and Insuring (FRI) terms to Clydesdale Bank PLC t/a Virgin Money. The original lease commenced on 26th April 1995 and ran for 25 years to 25th April 2020. The lease was subsequently extended to 25 April 2030 with a fifth year anniversary break option that has not been exercised giving a term certain of 5.51 years. The passing rent is £225,250 per annum
Tenure Heritable (Scottish equivalent of Freehold).
Energy Performance Certificate (EPC) The property has an EPC rating of B. A copy of the EPC is available upon request.
Proposal Offers over £2,100,000 excluding
VAT are sought for our client’s heritable interest in the building. A purchase at this level would show an attractive net initial yield of 10.1% after deduction of purchaser’s costs and LBTT. Any unexpired initial rent concessions shall be deducted from the purchase price at settlement.
VAT The property has been elected for VAT and it is anticipated the sale will be treated as a Transfer of a Going Concern
Anti-Money Laundering Regulations To comply with the current anti-money laundering regulations the agents acting on both sides of any qualifying transaction are required to undertake appropriate due diligence in advance of the transaction, including identifying and verifying all relevant parties and establishing the source(s) and legitimacy of funding. Both parties will be required to disclose all relevant information prior to conclusion of missives required to enable the agents to meet their respective obligations under the Regulations.