Stewart Milne Developments completes £36m sale in Aberdeen
Stewart Milne Developments has completed the sale of its Acergy Development in Westhill, Aberdeen to a commercial property fund managed by real estate investment managers PRUPIM for £36 million. Reflecting a net initial yield of 7.1 per cent, the transaction represents the biggest commercial development sale in Aberdeen for nearly two years and is indicative of the growing early signs of recovery in the property market. Development of the 17 acre site was completed in October 2008 creating a headquarters campus for seabed to surface engineering and construction company, Acergy UK Limited, on a 20-year lease. The campus comprises four buildings set in extensive landscaped grounds with the main office premises set around a central lochan, and includes an engineering workshop and staff leisure facilities. Stewart Milne Developments was represented by Ryden, with Lewis Ellis, acting for PRUPIM. Commenting on the sale, Malcolm Deans, managing director of Stewart Milne Developments, said: “This is a flagship development, completed to a high standard and incorporating a number of environmental and energy saving features, which we delivered in partnership with Stewart Milne Construction. Acergy UK carries an excellent covenant and this sale fits well with our strategy of acquisition, development and ultimate realisation of investment potential.” “The sale of Acergy further strengthens our position to take advantage of the opportunities which are likely to come forward in the next 12/24 months and enable the business to expand as the market recovers.” February 2010 |
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Stewart Milne Developments completes £36m sale in Aberdeen
Stewart Milne Developments has completed the sale of its Acergy Development in Westhill, Aberdeen to a commercial property fund managed by real estate investment managers PRUPIM for £36 million.
February 2010
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CB Richard Ellis announces trio of deals over 70,000 ft² at Union Plaza, Aberdeen
On behalf of Stewart Milne Developments, leading property consultant, CB Richard Ellis (Scotland), has announced the completion of a hat-trick of deals at Union Plaza, Aberdeen.
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Stewart Milne completes new campus for Acergy
Stewart Milne Construction has completed work on a 17.5 acre development at Westhill Business Park, Aberdeen, creating a new campus for major seabed-to-surface engineering and construction contractor, Acergy UK Limited.
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Stewart Milne Developments embarks on new Aberdeen business park
The first phase of a brand new business park for the Aberdeen area has been launched by Stewart Milne Developments. Axcess Business Park on the outskirts of the city is a 36 acre site with planning consent for Class Four office use which, when complete, will represent the biggest park of its type in the area.
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Red Spider Technology
Work on a purpose-built facility for Red Spider Technology Limited which started at Westhill in September 2007 was completed in August 2008 and has been let to the company on a 15 year lease.
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Forres at heart of multi-million pound town centre expansion
Property and Development specialists, Redco Milne today launched their proposal for a retail led, mixed use scheme set in the town centre of Forres,
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Stewart Milne to find solution for Triple Kirks
Stewart Milne Developments, part of the Stewart Milne Group, have acquired the historic site at Triple Kirks in Aberdeen from Esson Properties, the Aberdeen based property development and investment company.
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Stewart Forsyth joins Stewart Milne
Stewart joined Stewart Milne Developments in February 2008 as a development manager with the remit to manage the existing projects in Aberdeen, Portlethen and Wigan whilst also bringing in new investment and development projects.
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Stuart Fyvie joins Stewart Milne
Stuart joined Stewart Milne Developments in January 2008 from private practice, specialising in Client-side construction project management.
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Trencherfield Mill
Developers Stewart Milne are confident Wigan's economy will receive a boost when the first commercial units are let at their landmark development in the heart of the town.