AN ABERDEEN office building that was auctioned off for just £25,000 following the oil price downturn of 2016 is set to be fully occupied this year, after a "remarkable turnaround in its fortunes".
Union Point, formerly known as Salvesen Tower, has undergone a major transformation and is now 95% let under its current owner, Standard Real Estate (Union Point) Ltd.
Three years ago, the building was almost empty and in 2018 it was put on the auction block for just 0.4% of the £5 million it had previously been worth.
The office tower – which is being marketed to let by Knight Frank and FG Burnett – has been refurbished, re-branded, and re-launched to the market.
Standard Real Estate has invested significantly in the building and provides bespoke fit-outs and lease terms ranging from six months to five years.
The adjoining former pub, the Quarterdeck Bar and Diner, is also being converted into a new business lounge and café, with work expected to be completed in the next few weeks.
Occupying a prominent location at Blaikie’s Quay and offering views over the city’s harbour, Union Point features a broad range of tenants, including HMRC, the DVLA, and several shipping companies, among others.
Hamish Munro, director at Standard Real Estate, said: “Having been actively involved in the Aberdeen office market for in excess of 15 years, we understand it is different to other Scottish office locations.
"With the acquisition of Union Point, it was our intention to create affordable quality space on flexible lease terms for the local market, learning from our experience of similar in other locations.
“Whilst the pandemic has been a setback it is now very rewarding to see the space filled with vibrant and enthusiastic local and national businesses and we have greatly enjoyed meeting with them all to create space to suit their needs wherever possible."
Matt Park, partner at Knight Frank Aberdeen, said: “It may have taken three years to get to the point where the building is nearly full, but a lot of that can be put down to the pandemic and the uncertainty it caused for a lot of occupiers.
"But, as more occupiers in Aberdeen return to the office and look for flexible, quality space, we expect to see more demand come back to the market and already have interest in the remaining space at Union Point.”
Brian Crichton, manging director of People Factor Consultants, said: “We were attracted to Union Point as it was a competitive, realistic rent arrangement as well as a fantastic and easily accessible location in the heart of Aberdeen.”
Rail service returns to village after 50 years
A NEW rail station is to open at a Borders village on the east coast Scotland to England line for the first time in 50 years.
In the week before the new Reston Station opens there have been more than 17,000 reservations for future travel on the Newcastle to Edinburgh TransPennine Express service.
£8m for Scottish company with technology based on molecules in sharks’ immune systems
ELASMOGEN – a biopharmaceutical company discovering and developing new therapeutics using technology based on molecules found in sharks’ immune systems – has secured a further £8 million of investment.
Elasmogen’s pipeline is focused on treatments for solid-tumour cancers, systemic inflammatory diseases and inflammatory conditions of the gut.
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