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.”
