Pavilion 4, Westpoint Business Park

If you have commercial property to sell or let, our team of highly experienced Agents will give you strategic advice on the most effective disposal strategy, and deliver the optimum outcome for your property.

We work on some of Scotland’s most high-profile commercial property transactions and provide the same high level of service to all our clients, big or small. Our corporate resources allow us to work as long-term partners with our clients and help them to achieve their business goals. Each of our local Agency teams throughout our 14 offices, are fully supported by the resources and expertise of our Head Office, ensuring the highest standard of service is achieved.

We provide a comprehensive range of property disposal services, and deal with all commercial property sectors, including offices, retail, industrial, hotel and leisure, roadside and student accommodation.

Approach

In addition to the traditional marketing initiatives, lease events for occupiers in the vicinity and the wider Aberdeen area were analysed and a targeted marketing approach was adopted. The focus was on companies with expiries/break options occurring in the short/medium term.

G+S Aberdeen Agency Department conducted a thorough and targeted marketing campaign, including creation of a bespoke brochure, erection of agency boards, Social Media postings and e-mailshots. Negotiating with Agents/potential occupiers and accompanying all viewings, resulting in a new lease of the entire building to Borr Drilling UK Limited for a 10-year term, subject to a Tenant Break Option/Rent Review at the expiry of year five.

Key Challenges

The major challenge was the poor office market in Aberdeen, with unprecedented levels of supply and exceptionally low demand, due to the continued downturn in the Oil + Gas sector, which commenced Q4 2014.

Results

A rental income stream for a vacant asset was created, with a headline rent of £283,607 per annum. The team were also able to reduce the Rating liability to the client by passing this on to the new Tenant.

Key Message

Successful letting of the entire facility to a single Tenant despite a depressed office market and substantial competition. The letting as a single entity, rather than multi-occupancy, also reduced the property management input required by the landlord going forward, with associated cost savings.