Exclusive: Three sites near Aberdeen up for sale for a combined £34.5 million

Large business and industrial parks near Aberdeen are up for sale with price tags totalling £34.5 million.

Two of the three Westhill developments, Kingshill Park and Prospect Park, are being marketed at £16.5m.

The third site, Kingshill Commercial Park, described as “prime industrial estate” is up for sale for £18m.

All three parks are owned by Aberdeen-based Knight Property Group.

It has tasked Lismore Real Estate Advisors with the job of selling them.

Knight’s founder and chairman, north-east property entrepreneur James Barrack, said the sales were “integral” to his company’s ongoing business strategy.

They willl allow it to “reinvest and continue our speculative industrial development programme in the future”, he said.

Mr Barrack added: “We are particularly active in the north-east and across the central belt of Scotland. In the Aberdeen area, we are currently on site with two significant developments, for TrustFord at West Tullos Industrial Estate and Wickes at Westhill, both with long leases.”

Lismore director Simon Cusiter said: “The improvement in the Aberdeen (area) office occupational market can be clearly witnessed by the recent letting success Knight Property Group has had at Kingshill Park.

“Sophisticated occupiers are focusing on modern, energy efficient space.

“Product such as Kingshill Park is perfectly placed to accommodate such needs.”

‘Best-in-class’ industrial park

On Kingshill Commercial Park, whose sale launch came slightly in advance of the other two sites, Mr Cusiter said: “While best-in-class is overused terminology, this asset genuinely is.

“Extending to 103,053sq ft the highly specified industrial space comprises a strong mix of long dated income and asset management opportunities.”

Commenting on the other two parks, he said: “The Aberdeen market has attracted global capital over the recent past.

“We anticipate this investment attracting a wide range of interest from property companies and ultra-high net worth individuals.”

Kingshill Commercial Park is let to 11 occupiers, including Swellfix UK, Texo Group, Dron and Dickson, Advanced Industrial Solutions and Power Jacks.

It currently generates £1.56m a year in rent and it is said to have “immediate asset management opportunities that can be used to drive further asset performance”.

Kingshill Park is home to businesses including Kraken Robotics Services UK, Rotech Subsea UK, Noble Drilling, Mermaid Subsea Services and Rovco.

The park comprises nine office pavillions together with a consented site for future development. Two of the buildings were previously sold and are not part of the current sale.

Prospect Park is home to the headquarters of energy service company Proserv.

All eight buildings at Kingshill Park and Prospect Park were constructed between 2014 and 2020 and are let to a total of 16 tenants.

Seven new lettings and one “lease regear” have been concluded during the past year, which Lismore says highlights “strong demand for the development and genuine reversionary prospects”.