Friends First has agreed the pre-sale of Blocks B and C at Ashtowngate Business park to Scottish Provident through its property fund managers, Aberdeen Asset Managers, for around £9 million.
Two three-storey over double basement buildings with a total area of about 34,520 sq ft, with 132 car-parking spaces, are being pre-sold. The transaction should provide an initial yield in the region of 6.75 per cent and rental levels are likely to be approximately £17.50 per sq ft for the completed development. Car-parking spaces will cost £500 each.
The scheme, being built on the former Ashtown Tin Box site, will extend to 107,650 sq ft in four buildings.
Spain Courtney Doyle and Costello Commercial acted for Friends First while Scottish Provident were represented by Quinn Agnew.
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