NEWS

Prime Four deal sets a record in Aberdeen

7th April 2017

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.

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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