£23.7million Acquisition of Aberdeen's St Magnus House
26th April 2007
In Aberdeen’s second largest office investment transaction in recent years, Warner Estate Holdings PLC (Warner Estate) and Morley Fund Management (with Ryden acting) have acquired St Magnus House in Aberdeen on behalf of the Apia Regional Office Fund (Apia) from Stainton Capital (Foxhound) Ltd (Stainton) for £23.7million. This reflects a net initial yield of 5.76% and reversion to 5.88% on conclusion of newly created car space lettings.
St Magnus House is a prime city centre office building overlooking Aberdeen harbour and provides 80,180sq ft (7,449 sq m) of refurbished office space over six floors with 129 car parking spaces.
The property is fully let on six leases to CNR International (UK) Ltd, Lundin Thistle Ltd, the Scottish Ministers and Nestor Primecare Services Ltd. The current rental income of £1.443million per annum equates to a low average rental rate of £18.00 per sq ft.
Ryden represented Apia in the transaction and Colliers CRE/CB Richard Ellis represented Stainton.
