Union Point, formerly known as Salvesen Tower, has undergone a major remodel and is now 95 percent leased to its current owner, Standard Real Estate (Union Point).
In 2018, the building was auctioned for just 0.4 per cent of its previous £5million value. Three years ago the office building was almost empty, despite offering some of the best views in Aberdeen over the city’s harbour.
The building, which is marketed for lease by property consultants Knight Frank and FG Burnett, has been refurbished, rebranded and remarketed.
Standard Real Estate is said to have invested heavily in the building, providing bespoke fitments 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 cafe, with work expected to be completed over the next few weeks.
Union Point is now home to a wide range of tenants including HMRC, the DVLA and several shipping companies.
Hamish Munro, Director at Standard Real Estate, said: “We have been active in the Aberdeen office market for over 15 years and know that it differs from other Scottish office locations.
“With the acquisition of Union Point, our intention was to create affordable quality space with flexible rental terms for the local market while learning from our experiences with similar buildings in other locations.
“Although the pandemic has been a setback, it is now very rewarding to see that the space is filled with dynamic and enthusiastic local and national businesses and we thoroughly enjoyed meeting with all of them to create space that meets their needs wherever possible.”
Matt Park, Partner at Knight Frank Aberdeen said: “Standard Real Estate has done a fantastic job with Union Point over the past few years. The team has been very flexible and hands-on in their approach to the building, proactively working with tenants to ensure they get what they need from their space.
“It may have taken three years for the building to be nearly full, but much of that is due to the pandemic and the uncertainty it has caused for many residents. However, as more occupiers in Aberdeen return to the office and seek flexible, quality space, we expect more demand to return to the market and are already interested in the remaining space in Union Point.”
Brian Crichton, Managing Director of People Factor Consultants added: “Our company relocated to Union Point last year. We had to vacate our previous training center on Union Street as it was taken over by new landlords.
“We were attracted to Union Point as it was a competitive, realistic rental arrangement as well as a fantastic and easily accessible location in the heart of Aberdeen.”
Aberdeen is experiencing a boom in office take-up, with the first quarter already matching the total for 2021