Aberdeen office housing Acorn carbon capture firm for sale at £1.9 million
“Aberdeen is emerging as the most liquid market in Scotland, with buyer and vendor expectations broadly aligned” – Matthew Park, partner at Knight Frank
An Aberdeen office block that’s home to the firm leading the Acorn carbon capture and storage project has hit the market for almost £2 million.
Crown House, which commands a prime location at Arnhall Business Park, is now up for sale with a price tag of £1.9m - reflecting a net initial yield of just over 10.4 per cent. Knight Frank, the commercial property consultancy, has been appointed to sell the office property on behalf of its owner.
The building currently has two occupiers with long-term ties to Aberdeen - Pale Blue Dot Energy, a subsidiary of Storegga, which is the project developer behind Acorn; and international insurance group Marsh McLennan.
Acorn is one of the most mature carbon capture and storage and hydrogen projects in the UK and a European Project of Common Interest. Marsh McLennan has a strong presence in Aberdeen through its acquisition of Central Insurance in 2014, which was headquartered in the Granite City.
Crown House is a modern office development that stretches to more than 13,000 square feet spread over two storeys and has recently undergone a refurbishment. It is said to be highly energy efficient, with an Energy Performance Certificate (EPC) rating of A.
Matthew Park, partner at Knight Frank’s Aberdeen office, said: “Crown House is a great opportunity to acquire a modern, income-producing office building at an attractive yield. The strong tenant covenants, with both companies having long-term commitments to Aberdeen, also provide a greater degree of assurance for investors.
“Aberdeen is emerging as the most liquid market in Scotland, with buyer and vendor expectations broadly aligned, and we believe Crown House is well positioned to benefit from this trend,” he added.
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