A well-known 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.
Union Point, formerly known as Salvesen Tower, has undergone a major transformation and is now 95% let under its current owner, Standard Real Estate.
Three years ago, the building was almost empty and in 2018 it was auctioned for just 0.4% of the £5m it had previously been worth.
The office tower - which is being marketed to let by Knight Frank and FG Burnett - has been refurbished, rebranded and relaunched to the market, offering spaces from 150 sq ft to 3,600 sq ft.
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, Union Point features a range of tenants, including HM Revenue & Customs, the DVLA, and several shipping companies.
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.
“While 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.
“We are now looking forward to working with Matt at Knight Frank and his joint agents at FG Burnett on the next project at Merchant Exchange, where we hope to provide more local businesses with quality office space, offering suites from 500 sq ft to 3,000 sq ft and any combination up to 16,000 sq ft.”
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.”
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