In a deal that single-handedly surpasses the total invested in Aberdeen’s office market last year, Drum Property Group has sold the Lloyd’s Register building at Prime Four Business Park in Kingswells for £41.28 million to international property investor LCN Capital Partners.
Ryden, FG Burnett and JLL advised Drum in the record transaction, whilst Cushman & Wakefield represented LCN.
Construction of the purpose-built 102,000 sq ft Grade A office complex completed this week and it is wholly let to Lloyd’s Register. The global engineering, technical and business services group pre-let the property, which can accommodate up to 900 employees, on a 15-year lease.
Graeme Bone, managing director at Drum Property Group, said: “We are delighted to have concluded this transaction. We are also pleased to have worked with LCN in establishing a long-term relationship between all parties. This latest deal is a testament to our commitment to focusing on exemplar architectural, design and service culture principles at the park, which continues to prove largely immune to the cyclical varies of the oil and gas market.”
Ken Shaw, investment partner at Ryden who advised Drum, commented: “This was the eighth building at Prime Four to sell since the Business Park was established in 2013 and it was arguably the most satisfying coming at a challenging time in Aberdeen's market cycle. The quality of product at Prime Four ensured that we received a number of early enquiries prior to marketing which was very encouraging.”
Drum Property Group has further investment plans at Prime Four in the form of a £100 million retail development and expansion of the business park with additional office space, services and amenities.