One Harvest Avenue Logo

SUMMARY

  • Freehold (Heritable) Interest
  • Established and well connected location
  • Just a half mile, 10 minute walk from Aberdeen International Airport
  • Office and warehouse developed in 2015
  • Site area of 3.86 acres (1.56 ha)
  • Total floor area of 72,979 sq ft including mezzanine of 13,925 sq ft.
  • Low site cover of 24% by building footprint.
  • EPC: B22
  • BREEAM rating “Very Good”
  • Opportunity to add value through letting of the vacant accommodation.

Seeking offers subject to contract and VAT.

ABERDEEN

Aberdeen is widely recognised as the European capital of the North Sea oil and gas exploration and
production industry. The Aberdeen City Region is at the forefront of the global energy transition,
leading the world on a rapid shift to net zero. The City is home to the £180m Net Zero Technology
Centre and is one of the most attractive locations in Europe to develop and accelerate low carbon
projects and activities.

Approximately 900 energy-related companies are located in and around the city, including world
leaders such as Baker Hughes, BP, Chevron, Halliburton, Maersk, Shell, Schlumberger, Total and Wood.

Aberdeen: Energy & Investment

  • Repositioning as net-zero capital of Europe.
  • Potential for in excess of £200 billion to be spent on north sea oil & gas and renewable projects in the coming decade.
  • Aberdeen is the 6th top UK city and 2nd in Scotland to start a business in 2023.
  • Average Aberdeen/shire gross annual income is ahead of Scottish and UK averages.
  • Carbon capture usage and storage (CCUS) is a major growth area for Aberdeenshire and the northeast of Scotland.
  • CCUS is eligible to receive up to £20 billion in funding from the UK government.
  • £420 million south harbour now fully operational.
  • £60m invested in creating energy transition zone, an integrated energy cluster focused on delivering net zero.
  • Recently approved carbon capture and storage scheme in Peterhead, project acorn, aims to store up to 5 million tonnes of CO2 annually by 2030, playing a crucial role to achieving net zero by 2045.

SITUATION

The Property is located on the South side of Harvest Avenue, within D2 Business Park, Dyce, approximately seven miles North West of Aberdeen City Centre. The subjects benefit from a very prominent and elevated position overlooking Airport Road.


D2 Business Park provides a first-class business park benefiting from excellent road connections via Airport Road which provides a direct route to the Aberdeen Western Peripheral Route (AWPR) at the Craibstone Junction, whilst also connecting to Dyce Drive which leads to the A96, a major link road between Aberdeen and Inverness.


The subject is also within walking distance of Aberdeen International Airport and the City’s exhibition and conference centre, P&J Live.


Dyce railway station is situated approximately 1.1 miles (2.7 miles by road) to the northeast of the Property. From Dyce there are direct services to Kintore (8 mins), Aberdeen (9 mins) and Inverurie (15 mins).


Nearby occupiers include ASCO, Aker Solutions, BP, Oceaneering, TWMA, Babcock, Expro, 3t Training Services as well as Hampton by Hilton, Crowne Plaza, Courtyard by Marriott and Greene King’s Dyce Farm.

DESCRIPTION

The property comprises of a purpose built, three storey office and warehouse along with associated yard space, which was constructed in 2015. The office is constructed of curtain wall glazing with polished granite under an aluminium membrane roof. The warehouse is of steel portal frame construction under an aluminium roof incorporating translucent panels, with concrete flooring.

OFFICES

  • Full height atrium reception
  • Large canteen with onsite catering
  • Kitchenettes on all floors
  • Largely open plan layout
  • Fully fitted “Plug & Play” space
  • Fully raised carpeted floors providing 140mm clear void, wired with power and data
  • Suspended acoustic tiled ceilings with recessed fluorescent lighting
  • Full VRF comfort cooling and heating system via ceiling concealed fan coil units enabling fresh air circulation.
  • 10-person high speed lift
RECEPTION
KITCHENETTE
CANTEEN
OPEN PLAN OFFICES
BREAKOUT ROOMS
OPEN PLAN OFFICES
BOARDROOM

WAREHOUSE

  • Full height atrium reception
  • Large canteen with onsite catering
  • Kitchenettes on all floors
  • Largely open plan layout
  • Fully fitted “Plug & Play” space
  • Fully raised carpeted floors providing 140mm clear void, wired with power and data
  • Suspended acoustic tiled ceilings with recessed fluorescent lighting
  • Full VRF comfort cooling and heating system via ceiling concealed fan coil units enabling fresh air circulation.
  • 10-person high speed lift
WAREHOUSE LOADING BAY
WAREHOUSE VIEW FROM MEZZANINE
STAFF GYM
10 TONNE OVERHEAD CRANE VIEW FROM MEZZANINE
WAREHOUSE AND MEZZANINE

EXTERNAL

  • The total site size is 1.56Ha (3.86 acres), approx. 24% site coverage
  • 168 car parking spaces plus 9 disabled spaces and motorcycle bays
  • This includes 2 twin EV charging spaces
  • 24,000 sq ft (2,229 sq m) concrete yard

VIDEO & PANORAMA

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TENURE

The tenure is Freehold (Heritable) Interest.

TENANCIES

The property is to be sold as vacant with the exception of the first floor which is let to Dolphin Drilling Limited on lease for 5 years from 25 August 2022 at an annual rent of £157,500 per annum. Tenant break in August 2025 subject to providing the landlord with 9 months prior written notice. If the break is not exercised the tenant benefits from a rent free period from the break date up to but excluding 25 November 2025.

In addition 20 car spaces are currently let on short term licences at a rate of £700 per space.

ACCOMMODATION

TENANT DEMISE SQ M SQ FT
Vacant Office Ground 874.96 9,418
Dolphin Drilling Limited Office First 862.79 9,287
Vacant Office Second 926.89 9,977
Vacant Warehouse 2,821.65 30,372
Vacant Mezzanine 1,293.67 13,925
Vacant Yard 2,229.65 24,000
TOTAL 6,779.96 72,979 (excluding yard)

ESTIMATED RENTAL VALUE

Grade A warehouse accommodation is currently achieving rents in the order of £9.50 per sq ft. High quality office accommodation is achieving in the order of £20.00 per sq ft. One Harvest Avenue has an estimated rental value of £910,000 per annum.

ABERDEEN INDUSTRIAL MARKET

With the demand for industrial space closely correlated to the energy industry with a consistent oil price above $70 per barrel there has been strong take-up in the last two and a half years. In 2023, the market saw the largest volume of transactions taking place since the downturn in the oil and gas market in 2015 with total transaction volume of approx. 850,000 sq. ft which is c. 10% of the five-year average.

The positive take up figures could have been significantly more had it not been for a lack of the right quality of stock being available. The market is particularly strong for detached industrial units over 15,000 sq. ft that benefit from secure yards and overhead cranage.

As a consequence of strong demand and constrained new build activity due to high construction costs, there are once again strong rental growth prospects for Aberdeen.

ABERDEEN OFFICE MARKET

Not unlike most regional markets, Aberdeen has experienced a flight to quality. Available Grade A space across the whole office market is now very limited and below 2% of the available stock within the city centre. Outwith the city centre the Grade A and better-quality office stock also continues to prove the most popular. Several lettings have taken place in the past 12 months at Prime Four Business Park and availability there is extremely low as the excess space within various buildings has now largely been soaked up. New tenants have included Harbour Energy, SSE, Odfjell Technology, Cegal and Schlumberger.

Speculative office development is currently unrealistic in the market given the cost and value equation. We have therefore seen increases in rents for the best quality space within the core those office locations in strong demand; City Centre/West End, Kingswells, Westhill and Dyce show rental growth on the best in class space.

DATA ROOM

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TERMS

VAT
The property is elected for VAT.
EPC
B22.
BREEAM RATING
Very Good.
AML
In accordance with AML Regulations, the successful purchaser will be required to satisfy the vendor and their advisors on the source of funds used to acquire the asset.
PRICING
We are instructed to seek offers subject to contract and exclusive of VAT.

CONTACT

For further information, or to arrange an inspection, please contact:

Misrepresentation Act 1967. Unfair Contract Terms Act 1977. The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agents and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agents nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property.

Compiled June 2024.