Highcross Achieves Major Industrial Letting in Aberdeen

August 6, 2012

Highcross has let 53,000 sq ft of industrial space at Wellheads Terrace, Aberdeen, to RST Trading Ltd, trading as Petrowell.

Petrowell, which already occupies the remainder of the 100,000 sq ft industrial scheme, has taken Units A and B on a five-year lease at a rent of £442,000 pa reflecting £7.80 per sq ft on the warehouse and £12 per sq ft on the offices.

Located at Dyce, close to Aberdeen International Airport, and including a substantial secure yard, the Wellheads Terrace units were acquired by Highcross in February 2011.

Following the successful letting of the entire scheme, Highcross is now bringing the investment on to the market with Savills’ Edinburgh office. The quoted price of £9.425m, equates to a net initial yield of 9%.

Mark Evans, who heads Highcross’ Scotland office, comments: “When we acquired the scheme early last year, we saw an opportunity to add value through the refurbishment and letting of the vacant space. With the units now all fully occupied, we have significantly enhanced the value of the investment and our decision to market the property reflects both the completion of our business plans for the scheme and the continuing strength of the Aberdeen industrial market.”

Latest News

Redevco Creates NextGen Board to be involved in Creating a Socially Responsible and Future-Proof Strategy

December 2, 2021 - 13:20

Redevco, one of Europe’s largest privately-owned real estate investment managers, has created a NextGen board with eight members representing various functions across the organisation and each of it[...]

+ Read More

Redevco Acquires Sustainable Housing Development in Amstelveen from AM and Expands Residential Portfolio

December 2, 2021 - 13:16

Redevco, one of Europe’s largest privately-owned real estate investment managers, has expanded its residential portfolio through an agreement with Dutch developer AM to purchase 172 rental apartment[...]

+ Read More


November 15, 2021 - 09:07

Oxford Properties, advised by Gillingham Bell International, have let their flagship restaurant and events space, the Kaisersaal at The Sony Center in Berlin to international restaurant and events gro[...]

+ Read More



+44 (0)20 7647 4420


Wren House, Garden Close Lane, Newbury RG14 6PR