133-141 Union Street, Aberdeen, AB11 6BH

Availability

To Let

Rent

Rent on application

Description

The subjects comprise a Category C listed granite stone building, in keeping with and typical to Aberdeen city centre. Extending over three main storeys along with attic and multiple basement levels. The property can be described as follows: 133/137 Union Street - is let to Nationwide Building Society who occupy this key retail unit at ground and basement (-1) levels. 139 Union Street - is a dedicated entrance to the upper floors which were historically used as offices. 141 Union Street - a vacant retail unit, which has been “white boxed” and sits between Nationwide and Primark. 90 The Green – 3 sub basement levels with direct/dedicated access from Rennies Wynd/ The Green at the lower level to the rear of the property. This previously formed part of a larger retail store with 133/137 Union Street above.

Location

The subject property is located on the south side of Union Street, Edinburgh's principal retail pitch. The property occupies a prominent position, with return frontage in the prime section of Union Street, adjacent to Primark. The Trinity Shopping Centre is located immediately to the west of the property with the city’s three other main shopping centres, Bon Accord, St Nicholas and Union Square, all within close proximity.

Key Points

  • Prime location on Aberdeen’s principal retail thoroughfare
  • Majority let to Nationwide Building Society on a straight 15 year lease term from 4 March 2016
  • Immediate potential to add significant value and income through letting the vacant retail unit at 141 Union Street and converting the upper floors to residential use for which planning consent was granted in 2017
  • Current passing rent from the Nationwide unit of £265,000 per annum
  • Heritable ownership of entire block extending to 27,857 sq ft. (GIA)
  • Offers in excess £3,550,000 exclusive of VAT
  • Attractive net initial yield of 7.0% with strong reversionary potential

Size

27,857 sq ft (2,587.00 sq m)