Quattro House comprises three interlinking office buildings arranged over ground and first floors providing modern, flexible open plan office accommodation. The property was subject to a major refurbishment in 2012/13.
Location
Aberdeen is located in the north east of Scotland and is the administrative capital of the region. Aberdeen has a population of 229,000, a regional catchment population of over 500,000 and is Scotland’s third largest city. The city benefits from an international airport and harbour, two universities and seven major research institutes.
Aberdeen is serviced by the A96 providing road access north west to Inverness and the A90 which in turn connects to the M90 providing access to Dundee, Edinburgh and Glasgow. Aberdeen’s train station is located in the heart of the city centre and provides regular direct services to all major towns and cities in Scotland. There are regular passenger and car ferries to Orkney and Shetland departing from Aberdeen’s harbour.
Situation
The subjects occupy a highly prominent site on Wellington Circle, adjacent to the Souterhead Roundabout within Quattro Business Park in Altens. Situated three miles south of the city centre, Altens is an established commercial location in Aberdeen. Major occupiers in the vicinity include FMC Technologies, Shell, Royal Mail Group, Wood Group, Amec Foster Wheeler, Ikea and Booker.
Quattro Business Park is accessed from the A956 which forms part of Aberdeen’s inner ring road. This in turn provides access to the north, south and west of Aberdeen including the A96 to Inverness and M90 south. Additionally, the property will benefit from its proximity to the new Aberdeen Western Peripheral Route (AWPR). Worth £745 million and due to complete in 2018, the AWPR will dramatically improve travel times across Aberdeen.
Accommodation
Ground Floor Main Building - 13,450 sq ft
First Floor Main Building - 13,342 sq ft
Ground Floor North Wing - 8,266 sq ft
Ground Floor South Wing - 9,367 sq ft
TOTAL - 44,425 sq ft
Terms
Tenure
Scottish Freehold
Proposal
We are instructed to seek offers in excess of £9,500,000, exclusive of VAT. A purchase at this level reflects a net initial yield of 11.06%, after allowing for purchaser’s costs of 6.20%.
The remaining fixed uplift will provide a guaranteed reversion to 12.51% in April 2022.
VAT
The property is elected for VAT. VAT will be payable on the purchase price, however, it is anticipated that the sale will proceed by way of a Transfer of a Going Concern (TOGC).
EPC
Quattro House has an Energy Performance Rating of C.
Additional Information
For further details regarding the tenancy and covenant information, please see attached brochures.
Specification
The property comprises:
- Modern open plan accommodation
- New suspended ceilings with modern luminaries
- Raised access floors
- New lift plant
- New VRV comfort cooling system with automatic controls
- Staff canteen with space for 100 covers
- Gym with shower facilities
- Refurbished male and female toilet facilities
- 147 car parking spaces
Investment Summary:
- Three interlinking offices extending to 4,127.19 sq m (44,425 sq ft)
- Let entirely to Petrofac Facilities Management Limited until October 2024 (over 7 years unexpired)
- Current rent £1,115,508 per annum, with fixed rental uplift in April 2022.
- Total contracted rent for the unexpired term from 30th April 2017 amounts to £8,732,775
- Offers over £9,500,000 exclusive of VAT
- Net initial yield of 11.06%, reverting to 12.51% in April 2022, assuming purchasers costs of 6.20%