01.02.12

Miller Developments Seeks

New Investment Opportunities

in Aberdeen

Miller Developments is set to step up its development activity in Aberdeen following the sale of two fully let office investments in the city.

 

Miller Cromdale (Old Ford Road) Limited sold Freedom House to CBREi in September 2011 for £6.765m reflecting an initial yield of 9%. Miller has also sold its 50% stake in Admiral Court to its JV partner Cromdale Limited.

 

Admiral Court, developed by Cromdale Enterprises Limited- Miller Developments joint venture with Aberdeen based Cromdale Ltd - is a speculative 40,000 sq. ft. office building which was fully pre-let within four weeks of completion.

 

Pamela Grant, Director, Miller Developments, said: “The sale of our share in Freedom House and Admiral Court releases capital from mature fully let investments in Aberdeen.”

 

“Miller Cromdale is an excellent partnership which has enjoyed a great number of successes over the last 12 years and hold significant interests in the harbour area. We are currently looking at options for Ardent House, a riverfront Headquarters building which has planning consent for 173,460 sq. ft. net and 574 car spaces on North Esplanade West. Marketing is also underway on Pilgrim House which has consent for 27,000 sq. ft. of BREEAM ‘very good’ open accommodation over 3-storeys with car parking.

 

“Aberdeen has been a very successful market for Miller over many years and we intend to play an active role in the next phase of developments about to start in the city.”

 

Miller Developments is also currently preparing proposals for a new business park on Dyce Drive and has launched a pre-planning application to Aberdeen City Council.

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