Hamilton Kelly Investment Partnership (HKIP) and joint venture partner Revcap from Knight Property Group have acquired a portfolio of seven office buildings at Kingshill Park in Aberdeen for £10.8m.
Constructed between 2014 and 2020 by Knight Property Group, the modern buildings provide 70,000 sq ft of space in total and are let to the likes of Donaldson Timber Systems, Kraken Robotics and housebuilder CALA.
John Rae, capital markets partner at Knight Frank, which advised the buyers, said: “The acquisition of the assets at Kingshill Park was a great opportunity to secure long-term income from a strong micro-location in Aberdeen. At the same time, with some vacancy in the buildings, potential to add to existing lease terms, and an adjacent consented development site, there is plenty of scope to add value in the longer term, with investor appetite for the Granite City at its highest in years.”
Matt Park, partner at Knight Frank Aberdeen, added: “Westhill remains one of Aberdeen’s best-performing business locations and Kingshill Park, in particular, continues to experience very low vacancy rates across both its office and industrial offerings. Availability for best-in-class space is at low levels and demand for the right stock remains relatively strong, putting Kingshill in a strong position for the future.”
Lismore acted for the vendor.
