21st September 2010 back to news

Hansteen conclude the sale of Units 1-4 West North Street, Aberdeen

Acting on behalf of Hansteen Holdings Plc, Graham + Sibbald have sold Units 1-4 West North Street, Aberdeen to local investment company GSS Developments ltd, represented by J & E Shepherd.

The units have been sold at a price of £895,000, reflecting a net initial yield of 9.32%. Having asset managed the opportunity by re-letting Unit 3 and renewing the lease on Unit 2 the development was put up for sale earlier this summer.

John McHardy, surveyor with Graham + Sibbald, Aberdeen, commented: “This sale is a further demonstration that investors and development companies in Aberdeen continue to seek well located, well let investments. We were in discussions with quite a number of interested parties over the development and were delighted to secure an early sale to GSS Developments on behalf of Hansteen.”