21st May 2013 back to news

G+S Acquires £13.75m office investment on behalf of Aston Property Ventures – May 2013 Riverside House, Riverside Drive, Aberdeen

Scottish based property firms Graham + Sibbald and Ambassador Group jointly advised Aston Property Ventures on the acquisition of this prominent office investment and will have an on-going advisory role in the management of the asset.  The property was acquired for £13.75m from Rockspring Property Investment Management.

Aston Property Ventures was attracted to this modern grade A office building extending to c.52,000 sqft and acted quickly to complete the transaction.  The investment is located within Aberdeen’s expanding Riverside Business Quarter, where rents have recently achieved £29 per sq ft.

Sandy Gilmour, Investment Specialist at Graham + Sibbald, commented on the acquisition:

“We are delighted to have secured this property swiftly on behalf of our client and we are actively targeting other opportunities that offer similar asset management opportunities. Aberdeen continues to attract capital and investment from a wide variety of sources and the underlying fundamentals of the office market in terms of supply and demand create opportunities for rental growth which we believe can be worked through via active asset management.”

Tim Keig, Managing Director of Aston Property Ventures, said:

“Acquiring this high quality investment asset is consistent with our growth strategy and demonstrates our flexible and opportunistic approach to property acquisition.  At the core of our business is an experienced and proficient team and, with ready access to capital, we will continue to build a strong portfolio whilst adding value during the investment process and on-going asset management.  We are grateful to Ambassador Group and Graham + Sibbald for their considered guidance, which assisted us to move swiftly to secure the deal.”

Graham & Sibbald’s  Building Consultancy Team was also involved in providing pre-purchase survey due diligence.