Oban Bay Sets Record Rent at Kirkhill Industrial Estate
22nd March 2007
Oban Bay Properties Limited has set what it believes to be a new record rental level for Kirkhill Industrial Estate, Aberdeen following the letting of Units 1-6, Howe Moss Drive, to Norse Cutting & Abandonment Limited (NCA) just eight weeks after the property was vacated by the previous tenant. NCA has taken a new, ten-year FRI lease with a tenant’s break optionafter five years, at a commencing rent in excess of £100,000 per annum. The property, acquired by Oban Bay in July 2005, comprises a total of 14,000sq ft of office and warehouse space, with the rent at £7.50 per square foot. The premises also include an enclosed yard and separate parking area.Norse Cutting & Abandonment Ltd is a world-leading, decommissioning specialist and provider of offshore removal services, headquartered in Stavanger, Norway. This commitment is a further investment in the group’s global plans to service the North Sea, Asia-Pacific and Australasian markets and follows their expansion into Houston, Texas in 2005. Eddie Grant, NCA managing director, stated: “The Howe Moss Drive premises are ideal for our purposes and we were very pleased with the co-operation from Oban Bay Properties and Ryden in agreeing the lease.”Oban Bay Director, Gregor King, commented: “We are delighted to have secured such a high quality tenant so quickly. There was considerable interest in individual units, and with the current shortage of available industrial space, we were confident that the property would not be vacant for long.”Ryden and Knight Frank acted for Oban Bay Properties Limited. NCA was self-represented in the transaction.
