Rockspring Property Investment Managers announces that it has sold Riverside House in Aberdeen on behalf of a separate account mandate for £13.75 million (approx. €16.2 million) to Aston Property Ventures.
Constructed in 2002, Riverside House is a multi-let grade-A office building consisting of 52,745 ft² (approx. 4,900 m²) of lettable space. The property is located to the west of Riverside Drive overlooking the River Dee and in close proximity to the regenerated harbor area and Union Square shopping center development.
Since acquiring Riverside House for £11.5 million in July 2011, Rockspring has carried out major refurbishment works to the car park and rent reviews undertaken in 2012 have increased the rent per ft² by 25% to £24 per ft². The building is currently fully let to Talisman Energy, Scottish Ministers and AWG Business Centres Ltd.
Michael Pryer, Associate Partner at Rockspring said: “Through a programme of active asset management we have been able to significantly improve the income at Riverside House and deliver a strong return for our client.”
Rockspring was represented by FG Burnett and Maclay Murray & Spens. Aston Property Ventures were advised on the acquisition by Ambassador Group, a Scottish based property firm, which will continue to have an advisory role in the management of the asset. Aston Property Ventures were represented by Graham & Sibbald and Brodies.