Fri, 22 Oct 2021 | COMMERCIAL PROPERTY
Real estate and investment manager APAM Ltd has put the 96,000 sq. ft. Talisman House in Aberdeen up for sale, with an asking price of £19.5 million. The sale, which is being handled by Knight Frank, represents an 11.77 per cent net initial yield.
Set over six storeys and let entirely to Repsol Sinopec Energy UK, Talisman House was developed in 2000. The building was initially occupied by Talisman Energy, with Sinopec and Repsol acquiring stakes in the firm in separate deals in 2012 and 2015.
Over the past three years, Repsol Sinopec Energy UK has undertaken a programme of rolling refurbishments throughout the building, including its recent incorporation of integrated operating centres.
Knight Frank Associate Douglas Binnie commented: “Talisman House is a well-known building in Aberdeen, let to a strong occupier in Repsol Sinopec, which has solid ties to the city – not least in its modernisation of its office, but equally through its major hydrogen project on Orkney. While the asset offers a high yield, it is also a high-quality property in a good location in the city.”
The sale is being described as potentially the biggest in Aberdeen’s commercial property market since the COVID-19 pandemic began, with the deal potentially outstripping the sale of Neptune Energy’s headquarters earlier this year, with that property being marketed at £15.25 million.
Knight Frank described the sale as further evidence of the recovery in the city’s commercial property market. A recent analysis by Knight Frank revealed that take-up doubled between Q2 and Q3 2021.
Douglas Binnie added: “A higher, and more sustained, oil price has helped lift Aberdeen’s commercial property market, with increased deal activity and renewed activity from occupiers. All things being equal, we expect to see increased investor appetite for the city as we move into 2022, with the occupier market continuing to recover and, with that, investment activity picking up.”
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