Office deal

Caledonian House sale helps underpin city revival

Sold: Caledonian House

Aberdeen’s Caledonian House, which is let to Wood Group, Pret A Manger and the British Heart Foundation, has been acquired by Standard Real Estate for an undisclosed sum.

The deal for the 55,000 sq ft building on Union Street is considered a key deal in underpinning the revitalisation of the area.

SRE director Hamish Munro said: “We view this acquisition as key to our continued success in Aberdeen. Our formula is simple – to provide bespoke office space for users large and small on flexible lease terms at an economic rental.

“The revitalisation of Union Street is key to the heart of Aberdeen and our plans for this building should provide the space for new and established businesses to be at the centre of the city, complementing our other locations.

The purchase follows SRE’s 2019 acquisition of Aberdeen’s 36,100 sq ft Union Point Building, which has been refurbished following an investment of more than £1.5m.

It is currently 90% let to a mixture of national and local companies and charities. The building also has 110 car parking spaces with five electric vehicle charging points.

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