Sold: Johnstone House

Venture capital group Norlin JH has acquired a five-storey office block in Aberdeen city centre as the city’s office market continues to benefit from favourable investment conditions.

The £5 million deal for Johnstone House in Rose Street was backed by Norlin Ventures, Fishpool Ventures, and Norlin Aberdeen US LLC, a US entity controlled by John Fichthorn. Cambridge & Counties Bank also backed the transaction. Knight Frank was asking for offers over £5.45m.

James Beeton of Belfast-based Norlin JH said Aberdeen’s office market had seen “resurgent leasing” following a long subdued period.

“We envisage a shortage of the right type of supply within the city centre, so with an established high quality tenant base already in place and a degree of vacant space to reposition into the market, we felt that Johnstone House was perfectly placed – and ideally located – to meet the growing demand,” he said.

A third of the 52,378 sq ft space is vacant and will be repositioned when it is brought to market later this year.

Mr Fichthorn added: “We see favourable investment conditions for the UK in general and Aberdeen in particular.

“There has been a seismic shift in energy policy both globally and in the UK. Focus is now firmly on security of supply and faster adoption of renewables; and the Aberdeenshire economy has the skills base to play a leading global role.” 

DM Hall consolidates

DM Hall, one of Scotland’s largest independent firms of chartered surveyors, is consolidating its offices in Shawlands, Glasgow, and Glasgow Road, Paisley in a hub facility at Centura Court, Hillington Park.

John McHugh, managing partner of DM Hall, said: “This is an exciting move, which alongside our existing city centre office in Bothwell Street, Glasgow provides a significantly larger new space which is close to the M8 and other transport links.

“Until now our Glasgow and Paisley residential teams have often overlapped in the surveying work they undertake throughout the area, and it makes perfect sense to merge the two.

“There is sufficient space to allow us to expand and grow.”

DM Hall has 24 offices throughout Scotland and more than 230 members of staff.

Brewin Dolphin

BC Brewin Dolphin, the wealth manager, has taken 6,000 sq ft at Glasgow’s new Cadworks office underlining its commitment to the city and the company’s growth plans.

After 27 years at 48 St Vincent Street, the firm will move its Glasgow team of 46 investment management and financial planning experts to Cadworks’ eighth floor this month.

The building in West Campbell Street is in the heart of the city’s International Financial Services District.

The manages about £1.6bn for clients.