Wed, 12 Oct 2011 | BUSINESS NEWS
Miller Cromdale, a joint venture between Miller Developments and Cromdale Ltd has recently announced that it has sold Freedom House in Aberdeen to CBRE Investors.
The property was sold for £6.765 million, representing an annual yield of 9 per cent. Freedom house was built speculatively in the summer of 2009, situated in the North Dee Business Quarter.
Aker Solutions signed up to let the entire 135,000 square-foot, four-storey building as soon as it was completed and the deal was the biggest commercial letting in Aberdeen in 2009. One of Freedom House's key selling points was its BREEAM ‘very good’ rating.
Pamela Grant, Director of 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.”
She added, “We are delighted to have now secured its sale, enabling us to reinvest the proceeds in developing further buildings in the area.”
Miller Cromdale’s original site consent was for two speculative properties, Freedom House and Pilgrim House. The firm is now marketing Pilgrim House, which will be able to provide up to 40,000 sq feet of office space, with the potential to achieve a BREEAM ‘excellent’ rating.
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FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
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