Highcross Sells Aberdeen Investment to Northridge
15th March 2006
Highcross has completed the sale of the former Amerada Hess Headquarters at Altens, Aberdeen to Northridge Capital for £19.6M, in one of the city's largest out-of-town office transactions. Highcross was represented by Ryden's Aberdeen office with Mason Phillips advising Northridge Capital. The property includes 95,000 sq ft offices leased to Nexen Petroleum and Wood Group and a 3.5 acre development site with planning consent for a further 64,000 sq ft. The total income is £1,400,000 per annum. The sale follows the refurbishment and letting of Trafalgar House to Wood Group and the grant of outline planning consent on the surplus land within the site. Commenting on the deal, Ken Shaw, Investment Partner in Ryden's Aberdeen office said; "Our client was delighted with the outcome of this sale - the Aberdeen market responded quickly to the quality refurbishment of Trafalgar House and provided the opportunity to exit and crystallise profit within two years". John Yeend of Northridge Capital commented: "The purchase provides us with a sound income-producing asset together with a development opportunity on the site in a strong occupational market".
