Agents are looking for £2 million for the sale of a converted office building in the heart of Aberdeen’s West End known as Bishop House.
The double-fronted, granite property at 48-50 Carden Place is just across the road from Queens Cross Church.
Owned by Knight Property Group, it was redeveloped 20 years ago, with the addition of a modern three-storey extension to the rear.
This provided open-plan office accommodation across each level, serviced by an eight-person lift.
Savills agent Dan Smith says the building was extensively and sympathetically refurbished and upgraded by sitting tenant Space Solutions, which has just signed a further 10-year extension on its lease.
“It’s a grand building with all the original period features you would expect and at the rear there’s a modern three-storey extension which was put on before Space moved into the building,” said Mr Smith.
“They were involved in that project to deliver the building.”
The Bishop House revamp came on the back of the extension of what was known as the Central Business District, back in the 1980s.
Aberdeen’s West End became a vibrant business district prompted by oil and gas expansion in the North Sea.
Oil and gas influence in area
Mr Smith says the city planning department now takes a different view on commercial developments in the West End.
“Given the nature of the buildings in the West End, a lot of them are traditional cellular granite and slate buildings which are listed and there’s not much you can do with them,” he said.
“Aberdeen City Council’s planning department seems to be against any more of these buildings being extended.
“They’re not dead set against it, but there seems to be a presumption against any further extension of these buildings at the moment.
“So Bishop House is a good prospect because it’s had all the work done and it’s in a prime spot.”
Bishop House ‘good little investment’
The property measures in at 7,260 sq ft and has the benefit of being a high energy performance building that is fully air-conditioned.
Its original villa provides a grand boardroom on the ground floor with additional meeting rooms of varied sizes located throughout.
Meanwhile, there is a large-self-contained car park to the rear (access via Albert Lane) which has 20 car park spaces.
Mr Smith said the property offers investors an 8% net initial yield with a rent of £170,610 from June.
“It’s a fairly decent return on your money,” he added. “If somebody’s wanting to buy it and get an 8% return on their money for the next 10 years guaranteed from Space Solutions, it’s a good little investment.”
Conversation