Acting on behalf of Diamond Envelopes, Shepherd Chartered Surveyors has sold the direct mail and full service envelope manufacturer’s former premises on Wellheads Terrace, Dyce, Aberdeen for £6.7 million to property fund manager Highcross.

The property, which comprises of substantial high bay industrial distributes premises extending to over 100,000 sq ft with the benefit of a substantial secure yard, is currently part let to oil and gas supplier Petrowell on a new 10 year lease and the deal reflects a net initial yield of 9%.

Chris Grinyer, managing partner at Shepherd in Aberdeen, said: “This sizeable sale relates to one of the largest industrial buildings sold in Aberdeen over recent years.

“Having previously secured the letting to Petrowell on behalf of Diamond Envelopes, we are delighted to have subsequently concluded this sale to Highcross of such a well specified unit in close proximity to Aberdeen International Airport.”

Savills acted on behalf of Highcross.

For further information please contact Chris Grinyer on tel 01224 202800