Noskab House acquired for £4.4m

Aug. 13, 2012 - PRLog -- Ryden has advised Cedarwood Asset Management on the purchase of Noskab House at Badentoy Industrial Estate in Aberdeen. The 28,825 sq ft property comprises a modern purpose built office and warehouse with separate yard and was purchased at a price of £4.4 million, reflecting a net initial yield of 9.20%.

The property is let on three separate leases to Bluewater, Maersk and National Oilwell Varco with a rental income of £428,000 per annum.

Ken Shaw at Ryden said: “The property provides the opportunity for the early development of the extensive yard area, therefore offering a significant opportunity to add value in the future.”

Paul Jenkins of Cedarwood Asset Management said: “We are delighted to have completed another deal in Aberdeen. This one is particularly interesting as the 2.4 acre concrete yard is available to develop from early 2013 and we believe there is going to be strong interest from occupiers on both a leasehold and a freehold basis.”

The seller, Stainton Capital, was represented by CBRE.

For commercial property investment advice visit: http://www.ryden.co.uk/Investment/


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Notes to Editors

Ryden is an independent commercial property firm operating a full-service practice.  Service lines include Agency & Development, Investment & Finance, Professional, Building Consultancy, Property Management and Consulting.

The firm is headed by Fiona Morton, Chairman and has around 140 people, including 31 partners and 20 associates.

Ryden has offices in Edinburgh, Glasgow, Aberdeen, Leeds, Dundee and Inverness.  

Awards include:
•   EGi’s Most Active Agent in Scotland 2011
•   EGi’s Most Active Industrial Agent in Scotland 2011
•   EGi’s Most Active Office Agent in Scotland 2011
•   CoStar’s No.1 Edinburgh & Glasgow Office Agent by No. of Disposals 2011
•   CoStar’s No.1 Scotland Industrial Agent 2011
•   Property Week’s Industrial Agency Team of the Year (Scotland) 2009


For more information see http://www.ryden.co.uk