26.09.11

Miller Cromdale to Sell

Freedom House for 6.7m

Miller Cromdale has announced the sale of Freedom House in Aberdeen to CBRE Investors for £6.765m which reflects an initial yield of 9%.

 

Located in North Dee Business Quarter, Aberdeen’s city centre office destination, Freedom House was speculatively built and completed in August 2009. Within one month of completion, the 31,500 sq. ft, four-story building was let in its entirety to Aker Solutions in Aberdeen’s largest commercial property letting of that year.

 

The company behind Freedom House, Miller Cromdale is a joint venture between Miller Developments and Cromdale Ltd. Pamela Grant, Director, Miller Cromdale, said: “Freedom House has been an excellent project for us. The utilisation of our established design team allowed the building to be developed quickly to the highest of standards. The completed building achieved a BREEAM ‘very good’ rating and the quality was endorsed by Aker who, despite the prevailing financial climate at the time, signed to take the whole of the building within 1 month of practical completion. We are delighted to have now secured its sale, enabling us to reinvest the proceeds in developing further buildings in the area.”

 

”Our initial consent for the site was for two speculative properties, Freedom House and Pilgrim House. We are currently marketing Pilgrim House, which can provide up to 40,000 sq. ft. of high quality office accommodation with the potential to achieve a BREEAM “Excellent” rating.”

 

The sale price of Freedom House reflects a net initial yield of 9% based on contracted income.

 

Miller Cromdale was represented by Jones Lang LaSalle and Young and Company. CBRE Investors was represented by Knight Frank LLP.

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