16 November 2005

A retail investment situated at 26 – 38 Union Street, Aberdeen has recently been acquired by Dawnay Day Properties Ltd. The premises are leased to Owen Owen Ltd who recently acquired the longstanding department store business of Esslemont & Macintosh. The property comprises two landmark buildings which are connected by a bridge. The buildings are occupied on the basis of a lease which is to endure until 25 July 2020. The current passing rental of £290,000 is to be subject to five yearly rent reviews.

The transaction will have no affect on the ongoing operation of the Esslemont & Macintosh business.

Chris Grinyer of J & E Shepherd Surveyors who represented the vendors, RHB Investments Ltd said: “We are delighted to have been involved in this particular transaction. The purchase by Dawnay Day Properties Ltd, who are major institutional landlords, demonstrates continuing investor confidence in the Aberdeen economy.”

Stephen Kay of Montagu Evans who jointly represented the purchaser in conjunction with Simon Cusiter of King Sturge commented: “Our clients are delighted to have added this particular property to their extensive retail portfolio.”

For further information please contact:
Chris Grinyer of J & E Shepherd on 01224 640 557.