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Prime Office Investment in Aberdeen

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PRIME OFFICE INVESTMENT IN ABERDEEN Bridge View and Consort House North Esplanade West Aberdeen AB11 5QF INVESTMENT SUMMARY Aberdeen is Scotland’s Bridge View and Consort Majority let to Petrofac third largest city and is the House comprise two Facilities Management energy capital of Europe prime, Grade A office Group Ltd on two buildings extending to co-terminus leases until 157,780 sq ft located in 31st December 2026 Aberdeen city centre £ The property benefits from Current passing rent of Held on two long leasehold 227 car spaces providing a £4,550,615.54 per annum interests from Palmer generous parking ratio of following deduction of Income (Aberdeen) LLP 1:695 sq ft ground rent (inclusive with a total passing rent of of rental guarantee on £118,593 per annum vacant suite) We are instructed to seek offers in excess of £40,000,000 (Forty Million Pounds Sterling) subject to contract and exclusive of VAT for the share capital in the Jersey domiciled SPV which owns the property. There is an opportunity to buy in the landlord’s A purchase at this level would provide a net initial yield of heritable interest 10.66% and a capital value per sq ft of £253.52, based on (Scottish equivalent of purchaser’s costs of 1.80%. Offers for the asset will also freehold) in the title. be considered. 2 £8.4 BILLION of public and private investment before 2030 ENERGY CAPITAL OF ABERDEEN EUROPE EDINBURGH GLASGOW P&J LIVE ABERDEEN ARENA attacting the largest conferences Aberdeen is Scotland’s third largest city and is the and entertainment acts in the UK energy capital of Europe making it one of the most prosperous business focussed cities in the UK. The improved commuter journey times in and around the city. population of the city is estimated at 220,000 people A second harbour port is under construction and due with a catchment population in excess of 500,000. for completion in 2020. Output per worker in Aberdeen (£62,500 per annum) Aberdeen is set to become Scotland’s first city in is second only to Edinburgh (£68,150 per annum) and which nearly every home and business will have access also prevails over other UK regional cities including to gigabit-speed broadband. Manchester, Leeds and Bristol. Aberdeen’s new exhibition and conference centre, £8.4bn of public and private investment is due to be named P&J Live Arena, opened in August 2019. At a delivered before 2030 and with a large proportion cost of £335 million it provides a 15,000 arena capacity over the next three years. with 48,000 sq. m of flexible event space, 7 conference The Aberdeen Western Peripheral Route (AWPR) spaces able to accommodate 5,000 people, 350 on completed in February 2019 was Scotland’s largest site hotel bedrooms and 150 seat restaurant. This construction project costing £745 million to construct will provide the city with scope to attract the largest the 58 Km (36 mile) road. This has already significantly conferences and entertainment acts in the UK. 3 ABERDEEN ECONOMY & ENERGY SECTOR Aberdeen has been at the forefront of the British names in the industry. Private capital investment offshore energy industry since the 1970s and is has reshaped the asset ownership landscape, with widely recognised as the energy capital of Europe. significant resources shifting from the supermajors Leading oil and gas companies operating from to specialist operators focussed on increasing regional headquarters in the city include BP, Shell, returns from technically challenging wells and new Total, Repsol Sinopec, TAQA, CNOOC and Apache. discoveries. According to analyst Wood Mackenzie a further $13bn of private equity investment could In the last two years a wave of new private equity be deployed in the market. With a lower cost base, backed investment has entered the industry. More independents can consolidate around existing than $12bn of private equity money poured into hubs, maximise production, drive innovation, the UK North Sea backed by some of the biggest increase recovery and reduce decommission spend. Shell approves a revamp of the Shell plans to drill 10 wells a year offshore in North Sea investment reached 3-year Shearwater platform to the east Ineos plans to pump Chrysaor has agreed to buy US the UK as operator over the next three years, high, totalling £3bn in 2018 and the of Aberdeen. Shell’s partners in £500m into operator ConocoPhillips’ North Sea including development and exploration highest level since 2015. Shearwater are BP and Exxon Mobil. key North Sea pipeline. assets in a £2billion deal. wells, as it builds its North Sea hubs. Oct 2018 Dec 2018 Feb 2019 Apr 2019 Jun 2019 Nov 2018 Jan 2019 Mar 2019 May 2019 Azinor Catalyst discovers oil reserves Chinese state-owned company CNOOC O&G Authority reports highest UK Government backing for a estimated at around 15-50 million made a gas discovery – equivalent barrel of oil (boe) per day produced multi-million-pound Aberdeen barrels of recoverable resources in to 250 million barrels of oil - in its since 2011 and increased underwater engineering hub to help the the northern North Sea. Glengorm project, east of Aberdeen. projections up to 2050. oil industry diversify into green energy. 4 4 6 5 13 16 10 15 11 8 12 14 9 7 2 Market Street 1 3 No rth Espla nade W est Bridge View and Consort House SITUATION The subjects are prominently situated on the corner of North Esplanade West and Market Street within the North Dee Business 1. Neptune Energy 7. EnQuest/Worley Parsons 13. Bon Accord & Quarter (NDBQ). NDBQ is an established city centre business 2. Food Standards Scotland 8. Aberdeen Rail Station & St Nicholas Centre district within easy walking distance of the city’s main bus terminus 3. PD & MS Energy Bus Terminus 14. Aberdeen Commercial Port and railway station, together with Union Square, Aberdeen’s 4. Cats/Barclays/Verus Petroleum 9. Union Square 15. Marischal Square premier retail and leisure destination, including many major retailers 5. PWC/Chrysaor/Dentons 10. Trinity Centre 16. Marischal College and restaurants. It offers excellent road connections with North 6. Aberdeen Standard Investments/ 11. CNR Esplanade West and Market Street, forming part of Aberdeen’s inner Deloitte/Burness Paul 12. Sodexo/Oil & Gas UK/DNV GL ring road system, providing links to the north and south of the city. 5 G t reat S Nort hen g R n oa i Hilto d K n e d D a P r n r a ov l os p t R s u Sch E st ool Rd Dr t S n R G os lto i o eh H i l ll f D Provost Frase r R r Dr d R D W N e O s A9 S t 6 R b d a E u r o D n R N A90 D k A r r K a N i P n 44 9 g B999 A d r A944 S lv t h B ac Be B983 B983 Aberdeen Beach e Gat Aberdeen Rail Station t Bridge of Don ing’s St S A96 K & Bus Terminusne ion 15 mins walk Ske Un Union square 10 mins walk 19 shopping centre t P&J 1 S B9 Live Arena A96 e 5 mins walk g e l rove l G o on 9 i C B911 Un h t u o d B Rd 9 S ctoria R 0 Vi n 7 r 7 te es t W rea ad A994 G Ro r l D A90 l S i h e p m 3 r 1 d i o i 0 n A90 o s g r 9 r B A e e iv ld R A R 9 Rd d Duthie Park 5 W Tullos RD on 6 igt Cra d e R sid Bridge of Dee A93 ee N D Stonehaven W T Rd u l 7 lo 7 s 0 R e e 9 o D B a e r d R i v BRIDGE A90 6 A90 77 5 90 9 B VIEW AND A CONSORT HOUSE 6 Cove Bay COMMUNICATIONS ROAD SEA The motorway network provides access to both the north and south of the country. Aberdeen is home to one of the busiest commercial ports in the UK and is a vital It is approximately a 2.5 hour journey from Edinburgh and Glasgow and less than resource for the North Sea Oil and Gas industry. 4.2 million tonnes of cargo are 3 hours from Inverness. Key road links include the A96 which runs North West handled to and from nearly 40 destinations and Northlink operate passenger and to Inverness and the A90 south to Dundee, Perth (which connects to the M90), car ferries to Orkney & Shetland. There are over 14,800 vessel movements, 100,000 Edinburgh and Glasgow. crew and 155,000 passengers every year. The works for the £350 million expansion of the harbour is well under construction with completion due in 2020. The Aberdeen Western Peripheral Route (AWPR) completed in February 2019 has significantly improved commuter journey times in and around the city. By way of example a commute from Stonehaven to Dyce has been reduced by 56% and a commute from Newmachar to Altens has been reduced by 32%. Commuting in RAIL and around the city has had a notable improvement with workers and residents alike. With less traffic concentrated in the city’s main inner ring roads pollution Aberdeen Railway Station is situated in the city centre, less than a 5 minutes’ walk levels have plummeted.
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