Noskab House acquired for £4.4m

Cedarwood Asset Management has purchased the Noskab House at Badentoy Industrial Estate in Aberdeen. The 28,825 sq ft property comprises a modern purpose built office and warehouse with separate yard and was purchased at a price of £4.4 million, reflecting a net initial yield of 9.20%. The property is let on three separate leases to Bluewater, Maersk and National Oilwell Varco with a rental income of £428,000 per annum.

Paul Jenkins of Cedarwood Asset Management said: „We are delighted to have completed another deal in Aberdeen. This one is particularly interesting as the 2.4 acre concrete yard is available to develop from early 2013 and we believe there is going to be strong interest from occupiers on both a leasehold and a freehold basis.“

The seller, Stainton Capital, was represented by CBRE. Cedarwood Asset Management was advised by Ryden.