Belfast-based venture capital group Norlin JH has acquired a city centre office building amid what has been described as a "resurgence" in Aberdeen's commercial office market.

The five-storey multi-let Johnstone House has been sold for £5 million after being put on the market at the end of last year by real estate consultancy Knight Frank. The investment was backed by Norlin Ventures, Fishpool Ventures, and Norlin Aberdeen US LLC, a US entity controlled by John Fichthorn. Cambridge & Counties Bank also backed the transaction.

“Over the past year, Aberdeen’s commercial office market has seen resurgent leasing post a protracted subdued period substantially below five-year average uptake," said James Beeton of Norlin JH.

The Herald:

“We envisage a shortage of the right type of supply within the city centre, so with an established high quality tenant base already in place and a degree of vacant space to reposition into the market, we felt that Johnstone House was perfectly placed – and ideally located – to meet the growing demand.”

The property provides 52,37sq ft of office space, one-third of which is currently vacant and will be repositioned and brought to market later this year. The building is situated on Rose Street in the city’s west end.

Mr Fichthorn added: “We see favourable investment conditions for the UK in general and Aberdeen in particular.

"There has been a seismic shift in energy policy both globally and in the UK. Focus is now firmly on security of supply and faster adoption of renewables; and the Aberdeenshire economy has the skills base to play a leading global role.”