Maersk House, Altens, Aberdeen

Maersk House, Altens, Aberdeen
£ Under Offer

Published on March 20, 2014

Maersk House
Postcode / City:
AB12 3LG Aberdeen
Info PDF:
not available
Square Feet:


Maersk House, Altens, Aberdeen

Prestigious office Investment available for sale.


> Landmark office building
> Whole site is let to Maersk Oil North Sea UK Limited which has a D&B rating of 5A1 Covenant
> Prominent site within prestigious location
> Existing building extending to 6,792.18 sq m (73,111 sq ft) net internal and new extension extending to 2,465.35 sq m
(26,537 sq ft) net internal
> 10.475 acres (4.24 hectares) site incorporating 385 car parking spaces with potential for expansion
> Freehold
> New 15 year term at low base rentals of £17.75 per sq ft and £19.50 per sq ft compared to recent transactions within
the immediate vicinity at £24 per sq ft
> Aberdeen has the highest rental growth forecast of any major regional city in the UK over the next 5 years
> Offers in excess of £26.4m exclusive of VAT for our clients heritable interest reflecting a net initial yield of
6.5% after allowing for purchasers cost of 5.8%


Aberdeen is Scotland’s third largest city with a population
of approximately 225,000, a regional catchment of around
500,000 and projected to increase by approximately
20% by 2035 to over 270,000 people in Aberdeen City.

The city is the main administrative and financial centre for
Aberdeen City and Shire and is recognised as the energy
capital of Europe. It is also ranked in the Centre of Cities
“top 5 UK cities with high potential growth” and with an
unemployment rate of only 2.3%, and employment rate
of currently of 77.9%, Aberdeen is one of the UKs most
prosperous cities.


The property is situated at the junction of Crawpeel Road
and Souterhead Road within Altens estate which lies
approximately 3 miles South of Aberdeen City Centre
and Harbour. Wellington Road links to Souter Head Road
and thereafter affords easy access to the A90 trunk road
leading from the city to the South.

The site extends to 10.475 acres (4.24 hectares)
or thereby.


The original building was designed over 5 floors in the
shape of a “chevron” by the oil company and original
occupier and was completely refurbished in 2006,
including the installation of air-conditioning and new
windows throughout.

The extension was competed in January 2014 arranged
over 3 floors predominantly in open plan with a high
specification which includes 3 pipe vrv, raised access
floors and lifts.

Car parking

A total of 385 car parking spaces are
provided which is a ratio of 1:259 sq ft
but the site can easily accommodate
additional development/car parking
if required.


The original building has an Energy
Performance Rating of C.
The new extension has been rated
at B+.

Net internal areas

The existing building provides a total net internal area
of 73,111 sq ft (6,792.18 sq m) inclusive of staff canteen,
kitchen and reception. Toilets, tea-prep areas and lifts are
provided to each floor.

The new extension totals 26,537 sq ft (2,465.35 sq m) of
net internal floor space with toilets, tea-prep areas and lifts
on each floor.

The total net internal area between the two buildings is
99,648 sq ft (9,257.53 sq m).


The original building initial rental is £1,297,831.57 per
annum which devalues to £17.75 per sq ft inclusive of
288 car parking spaces. The new extension rental is
£517,471.50 per annum which devalues to £19.50 per sq ft
inclusive of 97 car spaces.

At first review the rental increases to £1,468,377.29 and
£585,471.51 and at the second review the rental increases
to £1,661,334.13 and £662,407.27 respectively.

Estimated rental value

In our opinion the true open market rental value would be
fairly stated as follows:
Original building 73,111 sq ft at £20 per sq ft
New extension 26,537 sq ft at £22.50 per sq ft
TOTAL £2,059,303 per annum

Covenant information

The tenant under both leases is Maersk Oil North Sea Uk
Limited. The tenant has a D & B rating of 5A1 based on a
tangible net worth of $1,430,695,000 for the year ending
31 December 2012. Further information on request.


The existing building is served by a vrv 4 pipe heating/
cooling system and the new extension has the benefit of
a 3 pipe vrf comfort cooling/heating installation.

Lease terms

The original building is held on a lease which incorporates
a planned maintenance schedule and has been extended
with effect from 14th January 2014 for a period of 15
years incorporating 5 yearly rent reviews based on 2.5%
per annum compound.

The new extension is held on a full repairing and insuring
lease from 14th January 2014 for a period of 15 years
incorporating 5 yearly rent reviews based on 2.5% per
annum compound.

Asset Management Opportunities

• The loft space has been fitted at the tenant’s expense
for the purposes of archive storage but could quite
easily be converted to offices.

• The site coverage is low and with the double road
frontage additional stand alone office pavilions could
be developed increasing the existing floor space by
over 50%.

• Future extensions could be accommodated linked into
the existing buildings.

All the above would be subject to the existing tenant’s
approval or at lease expiry.

Capital allowances

The vendor will retain all capital allowances.


VAT will be payable on the purchase price although it
is anticipated that the sale will be treated by way of a
transfer of a going concern (TOGC).

Investment proposal

Offers are invited in excess of £26.4m exclusive of VAT for
our clients heritable interest reflecting a net initial yield
of 6.5% increasing to 7.36%in January 2019 and 8.32% by
January 2024.

Further information

For further information or to arrange a viewing
please contact the sole selling agents

Alexander Robb
10b Queens Gardens
AB15 4YD
01224 611800



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