Knight Property Group has sold a portfolio of seven multi-let office pavilions in Aberdeen’s Westhill, in a deal worth £10.8 million.
The assets, spread over Kingshill Park, have been sold to the Hamilton Kelly Investment Partnership (HKIP), in a joint venture with Revcap.
Constructed speculatively by Knight Property Group between 2014 and 2020, the modern, high-specification pavilions comprise a total of 70,000 sq ft of space in Aberdeen’s premier business Park. Current occupiers include Donaldson Timber Systems, Kraken Robotics, housebuilder CALA, Mermaid and Prosafe.
Howard Crawshaw, Managing Director of Knight Property Group said:
“We are pleased to see the successful completion of this sale, which we believe comes at the right time for a new custodian to take ownership and manage the estate’s 15 tenancies. Our journey began in 2012 when we acquired 10 acres of development land, with a vision to create a speculative out-of-town office park, one defined by green spaces, sustainability, flexibility and quality amenities for occupiers. We believe we’ve achieved that vision. Over the years, we have invested significantly in developing and managing these assets to create a place where tenants could establish themselves, grow and evolve alongside our business. The sale represents a strong outcome and will allow us to reinvest the capital and pursue new acquisition and development opportunities.
Simon Cusiter, Director of Lismore Real Estate Advisors added:
“The transaction attracted strong interest from a range of investors and underlines the high standard and market appeal of Knight Property Group’s developments. This result demonstrates the depth of demand for quality, well-located office space and reinforces Aberdeen’s standing as a key regional investment market.”
Lismore Real Estate Advisors acted for Knight Property Group, whilst Knight Frank represented HKIP.
