Heritable City Centre Consented Residential Development Opportunity
Let to a Charity to mitigate Business Rates. (Mutual Option on 30 days notice).
3 Floors of Self-Contained Office Accommodation
Planning Consent for 9 Residential Flats
Potential to Convert to Student Accommodation (Subject to Consents)
Approximately 713.17 sq m (7,677 sq ft)
Prominent City Centre Location popular with University Students
Neighbouring Occupiers include Tesco, JD Wetherspoon, Starbucks, Caffe Nero and Nuffield Health
Lot 59
Auction 25th September 2024
Rent £12 per Annum
Status Available
Guide* £250,000 - £275,000
Sector Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
67 miles north of Dundee
Roads
A90, A96
Rail
Aberdeen Railway Station (2 hours 25 minutes to Edinburgh Waverley)
Air
Aberdeen Airport (6 miles west)
Situation
The property is prominently situated at the western end of union street, the mile long retail street in Aberdeen, at the junction of Union Street, Holburn Street and Alford Place. The surrounding area is a mix of residential and commercial use with neighbouring occupiers including Tesco, JD Wetherspoon, Starbucks, Caffe Nero and Nuffield Health. The central location offers good connectivity to public transport and local amenities. The railway station and bus station are located half a mile to the east.
Tenure
Heritable.
Location
Miles
67 miles north of Dundee
Roads
A90, A96
Rail
Aberdeen Railway Station (2 hours 25 minutes to Edinburgh Waverley)
Air
Aberdeen Airport (6 miles west)
Situation
The property is prominently situated at the western end of union street, the mile long retail street in Aberdeen, at the junction of Union Street, Holburn Street and Alford Place. The surrounding area is a mix of residential and commercial use with neighbouring occupiers including Tesco, JD Wetherspoon, Starbucks, Caffe Nero and Nuffield Health. The central location offers good connectivity to public transport and local amenities. The railway station and bus station are located half a mile to the east.
Tenure
Heritable.
Description
The property comprises self-contained office accommodation on the first, second and third floors. The entrance to the offices is on Alford Place.
There are two staircases within the property offering significant flexibility for residential or office use.
VAT
VAT is not applicable to this lot.
Planning
The property benefits from Planning and Listed Building consents granted by Aberdeen City Council on 27/05/2024 under planning reference No.: 220565/DPP and 220564/LBC for the change of use from class 4 office to form 9 apartments (www.publicaccess.aberdeencity.gov.uk).
The property may be suitable for an alternative residential configuration to comprise a smaller number of larger flats suitable for University Student Accommodation (subject to consents).
Note
The Ground floor and basement and Car Park of the property are self contained Heritable offices let to Aberdeen Solicitors' Property Centre Ltd (SC065531) for a term of 10 years (subject to a tenant option to extend the term of the lease by 5 years) at a current rent reserved of £24,375 per annum exclusive rising to £48,750 per annum exclusive on 9th June 2026 and could be available for sale by separate negotiation.
Completion Period
6 week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises self-contained office accommodation on the first, second and third floors. The entrance to the offices is on Alford Place.
There are two staircases within the property offering significant flexibility for residential or office use.
VAT
VAT is not applicable to this lot.
Planning
The property benefits from Planning and Listed Building consents granted by Aberdeen City Council on 27/05/2024 under planning reference No.: 220565/DPP and 220564/LBC for the change of use from class 4 office to form 9 apartments (www.publicaccess.aberdeencity.gov.uk).
The property may be suitable for an alternative residential configuration to comprise a smaller number of larger flats suitable for University Student Accommodation (subject to consents).
Note
The Ground floor and basement and Car Park of the property are self contained Heritable offices let to Aberdeen Solicitors' Property Centre Ltd (SC065531) for a term of 10 years (subject to a tenant option to extend the term of the lease by 5 years) at a current rent reserved of £24,375 per annum exclusive rising to £48,750 per annum exclusive on 9th June 2026 and could be available for sale by separate negotiation.
Completion Period
6 week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent (pax)
Reversion
Ground First Second Third
Entrance only Office Office Office
- 244.76 245.76 222.65
- (2,635) (2,645) (2,397)
ARTIST'S SPACES SCIO (crn SC051153 and Registered Charity no CS005300) T/A OUTER SPACES
3 Years from 1st June 2024 subject to a mutual option to determine the lease on 30 days notice (1)
£12
31st May 2027
Total Approximate Floor Area
713.17
(7,677)
£12
(1) The office on the upper floors are subject to a Business Rates mitigation scheme by virtue of the letting to a Registered Charity.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
