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Lombard Centre in Aberdeen sold by Mayfair Capital Investment Management Limited

15th August 2018

Lombard Centre, a modern industrial estate located next to Aberdeen International Airport, has been sold to UK industrial property investor Stenprop Ltd for £3.25 million. Ryden undertook a targeted marketing campaign on behalf of the Property Income Trust for Charities (PITCH), which is managed by Mayfair Capital, resulting in a sale at a price reflecting a net initial yield of 8.15 per cent.

The estate comprises 10 units totalling 32,622 sq ft of industrial space and it currently has six tenants, including Mitie and J&S Limited, with one vacant unit. The total annual passing rent is £280,902 and the weighted average unexpired lease term is approximately 1.8 years.

Ken Shaw, Ryden’s Investment Partner in Aberdeen, added: “We are delighted to have advised Mayfair Capital in this transaction, which provides further evidence of a recovery in the Aberdeen market and improving investor sentiment. This is now the fourth multi-let estate sale in Aberdeen in the last nine months which is hugely encouraging”

Ryden acted on behalf of PITCH in this transaction, whilst Ereira Mendoza represented Stenprop.

Categories Investment

Ken Shaw

Ken has over 30 years’ experience of commercial property and is Head of Ryden’s Investment & Finance Group. Prior to joining our Aberdeen office in 1991, Ken worked in Glasgow and London dealing with Agency, Professional and Project Co-ordination work. In Aberdeen he has concentrated solely on the transactional side of the business, being initially responsible for occupational agency. 

In 2001 he was promoted to Partner and the following year he moved to the Investment & Finance Group to develop the firm’s investment business in the North of Scotland.

He is the most experienced investment agent currently based in Aberdeen, having advised on over £1.25 billion of investment transactions.

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