Property round-up

Aberdeen office sale hopes | St Enoch lettings

Aberdeen’s Talisman House has been put on the market amid hopes that it could be the biggest deal in the city since the Covid-19 pandemic began.

APAM – the UK real estate asset and investment manager – has instructed Knight Frank to market the 21-year-old offices for £19.5 million, reflecting a net-initial-yield of 11.77%.

A deal at that price would trump the sale of Neptune Energy’s headquarters in the city earlier this year, which was marketed for £15.25 million.

Comprising of more than 96,000 sq. ft. over six storeys, Talisman House is let in its entirety to Repsol Sinopec Energy UK. Sinopec and Repsol acquired stakes in Talisman Energy – the original occupier of the building – in separate deals during 2012 and 2015, respectively. 

St Enoch openings

Glasgow’s St Enoch Centre has welcomed three openings from TJ Hughes, Bishopbriggs-based Indian restaurant Delhi Darbar and a second outlet for Nando’s.

The new arrivals complement the growing list of operators renewing or signing new leases at the shopping mall, which recently underwent a £40m redevelopment.

TJ Hughes has signed a 15-year lease and will occupy the 36,000 sq ft former BHS site on the ground floor of the centre and will deliver a retail anchor at the eastern end of the scheme.

Property market picks up

Scotland’s commercial property market has begun on its road to recovery from the Covid-19 pandemic, buoyed by investor appetite for industrial and retail warehousing assets, according to new analysis from Knight Frank.

Its research found that £1.2 billion has been invested in Scottish commercial property in the first three quarters of 2021, up one-fifth (20.78%) on the equivalent period last year. Investors spent nearly £1.7bn during the same nine months in 2019.

Overseas investors remained the most active buyers of commercial real estate in Scotland, accounting for just over £500m – or 41.81% – of overall volumes. Private property companies represented another £322m, equivalent to just over one-quarter (26.77%) of total investment.

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