Gran­ite City’ s business park for sale at £10.5m

Clear­bell of­fers cut-price land so it can fo­cus on English projects

The Press and Journal (Aberdeen) - - BUSINESS -

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

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