Granite City’ s business park for sale at £10.5m
Clearbell offers cut-price land so it can focus on English projects
An Aberdeen business park has been put up for sale at an asking price of £10.5million.
The selling agent, JLL Scotland, said yesterday The Core next to Murcar Links Golf Club represented a “strategic development opportunity” at a competitive price.
Owned by investor Clearbell Capital, The Core comprises 20.96 acres of developable commercial land and buildings including a recently completed 27,000sq ft vacant industrial unit. Current occupiers include HVAC and Sonomatic.
The site is available as a whole or as two separate lots, with outline planning consent already granted for further development.
An asking price of £310,000 per acre is significantly lower than other similar land sales in the north-east in recent years, even after the oil price slump sent the local economy into a downward spiral.
Jarvie Plant Hire bought land to develop at Greenbank Road for £620,000 an acre in 2015 and sites on the park have been sold at figures reflecting £450,000 per acre.
London-based Clearbell, which bought the Core in 2012, is selling the last commercial site in its Scottish portfolio to focus on projects in England.
JLL Scotland said it expected “significant interest from developers looking to capitalise on renewed optimism in the UK’s energy capital, as evidenced by new oil field explorations and extractions, a new harbour expansion at Nigg Bay and completion of the Aberdeen Western Peripheral Route in early 2018”.
Craig Watson, director, JLL, added: “The Core represents a unique opportunity to acquire a strategic development site at a competitive price in what is an improving market.
“Clearbell has invested significant sums to create an oven-ready site which also benefits from an attractive outline planning consent.
“Based on both recent Aberdeen land sales and sales across the rest of the UK, acquiring prime development land at this price would provide real scope for upside.
“That potential, combined with improving market conditions and better demand from occupiers, should provide a very attractive proposition for buyers.”
The Core lies within the north-east’s Energetica corridor, stretching more than 30 miles from Bridge of Don in Aberdeen, north to Peterhead and around Aberdeen International Airport.
Energetica development manager James Welsh said: “The Energetica corridor seeks to create the optimum conditions for business growth and to ensure that this stunning natural environment north of Aberdeen offers competitive investment opportunities.
“High-quality, modern and well-connected business parks, such as The Core play a key role in delivering that ambition and attracting new investment into the region.” FRASERBURGH PETERHEAD FRASERBURGH PETERHEAD