By Scott Wright

AN Aberdeen office building that was auctioned for just £25,000 in the wake of the oil and gas downturn that began in 2014 has had a major reversal of fortune.

Union Point, formerly known as Salvesen Tower, was nearly unoccupied three years ago, before being put up for auction at just 0.4 per cent of its previous £5 million value in 2018. Now, after being refurbished, rebranded and relaunched, it is 95% occupied under current owner Standard Real Estate (Union Point).

Tenants at the building, which is based at Blaikie’s Quay and is being marketed by Knight Frank and FG Burnett, include HM Revenue & Customs and the Driver and Vehicle Licensing Agency, as well as several shipping companies.

Hamish Munro, director of Standard Real Estate, said: “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.”