PRIME CITY CENTRE RETAIL / DEVELOPMENT OPPORTUNITY
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
On instruction of
John Lewis Partnership
PRIME CITY
CENTRE RETAIL
/ DEVELOPMENT
OPPORTUNITY
SUMMARY
- Unique city centre retail/development opportunity of significant
88 GEORGE STREET profile and scale.
- Highly prominent former department store building extending to
ABERDEEN approximately 200,000 sq.ft over 4 storeys.
AB25 1BW - Considered suitable for a range of alternative uses, subject to planning.
- Any residential development would benefit from Aberdeen City Council’s
Affordable Housing Waiver.
- Offers are invited for the Heritable Interest (Scottish Freehold).
- Site extending to (c.1.41 acres / 0.57 hectares)
LOCATION
Aberdeen is Scotland’s third largest city and
is widely known as the energy capital of
Europe, making it one of the most prosperous,
business focused cities in the UK.
500,000
ABERDEEN THRIVING
- The population of the city is estimated at 220,000 people with CATCHMENT STUDENT
a catchment population in excess of 500,000. POPULATION POPULATION
- There is a thriving student population with an estimated
30,000 students annually.
- Output per worker in Aberdeen (£62,500 per annum) in
Scotland is second only to Edinburgh (£68,150 per annum)
and also beats other UK regional cities including Manchester,
Inverness
ABERDEEN
£62,500
Leeds and Bristol. OUTPUT SECOND HARBOUR
PER WORKER OPENING 2022
- A second harbour port is under construction and due for Dundee
completion in 2022. This was specifically created to service the
offshore green energy sector.
- £2.5 billion of public and private investment has been
delivered during 2018 – 2020 with over £10 billion committed
Edinburgh
Glasgow £10b
to the region over the next 10 years. INVESTMENT
- Aberdeen is set to become a green energy powerhouse with COMMITTED TO THE GREEN ENERGY
significant investment in offshore wind, hydrogen and carbon REGION POWERHOUSE
capture technologies.
- Aberdeen Western Peripheral Route (AWPR) completed
in February 2019, which was Scotland’s largest construction
project and has significantly improved commuter journey times
in and around the city.
MAJOR TRAFFIC MOST
- Aberdeen has recently been named the most affordable place
INFRASTRUCTURE AFFORDABLE
for people to live on minimum wage in Scotland and 4th most
UPGRADE PLACE TO LIVE
affordable in the UK (Press & Journal, 2021).
ABERDEEN’S ENERGY SECTOR Aberdeen has been at the forefront of the British offshore energy industry since the 1970s and is widely recognised as the energy capital of Europe. Leading oil and gas companies operating from regional headquarters in the city include BP, Shell, TotalEnergies, Repsol Sinopec, TAQA, CNOOC Petroleum and Apache. In the last two years a wave of new private equity backed investment has burst onto the scene. More than $12bn of private equity poured into the UK North Sea backed by some of the biggest names in the industry. Private capital investment has reshaped the asset ownership landscape, with significant resources shifting from the supermajors to specialist operators focused on increasing returns from technically challenging wells and new discoveries. This is extending the life of the industry as new entrants develop ways to operate more efficiently. According to analyst Wood Mackenzie a further $13bn of private equity investment could be deployed in the market. With a lower cost base independents can consolidate around existing hubs, maximise production, drive innovation, increase recovery and reduce decommission spend. Given its location within close proximity to the North Sea, Aberdeen is well placed to take advantage of the Green Energy boom with close access to North Sea off shore wind farms as well as carbon capture technologies associated with the North Sea oil fields.
Morrison’s
SITUATION SPRING
GARDE
N
Aberdeen is situated approximately 126 miles, (202.8 km)
north of Edinburgh and 145 miles (233.4 km) from Glasgow.
The city benefits from excellent road, rail, air and sea links North East
to the rest of the UK and Europe. Transport connections Scotland College
have improved significantly over the last 24 months with
construction of the £1bn Aberdeen Western Peripheral
Route and comprehensive refurbishment and extension of
LOC
Aberdeen International Airport.
H
STR
88 George Street occupies prominent position in the heart
ETE
of Aberdeen City Centre. The property is located within
Aberdeen’s cultural quarter, and sits immediately adjacent to
GA
LLO
the Bon Accord Shopping Centre. The Bon Accord is one
WG
of Aberdeen city’s premier retail destinations and extends
AT
E
to c.450,000 sq.ft of retail and leisure premises alongside a
c.110,000 sq.ft M&S. ET
88 GEORGE
RE
ST STREET
The area surrounding 88 George Street is also home to Sandman Signature EW
GE
DR
AN
OR
Robert Gordon’s College (one of Aberdeen’s oldest and Hotel ST
GE
ST
most celebrated private schools) and the new, mixed use
RE
ET
Marischal Square Development, which offers restaurant, hotel Marischal College
and c.175,000 sq.ft of prime office accommodation.
Robert Gordon’s
College BR
O
AD
Bon Accord ST
Shopping Centre RE
Marischal ET
Square
EDINBURGH GLASGOW
HA
2 HR 43 MIN 2 HR 49 MIN
RRIE
TS
Aberdeen Art E
ONE Tech AT
TRE
Gallery KG
St Nicholas
Hub KIR
ET
His Majesty’s R Shopping Centre
PE
Theatre UP
DUNDEE INVERNESS SCHOOLHILL
Union Terrace Dandara Living - Marks & Spencer
1 HR 25 MIN 2 HR 37 MIN Gardens The Point The Academy
Shopping Centre
DESCRIPTION PLANNING
The former Norco House was built in 1966-70 for the The site comprises a major part of a recent planning
(now-defunct) Northern Co-operative Society. The building application (170353/PPP). The application was approved
was taken over by John Lewis and converted in 1987 when conditionally in 2017, subject to agreement of developer
the spire food hall was demolished. The building, with its obligations and affordable housing.
rippling, mound-like profile, was extremely novel for its time,
The major retail-led mixed-use development proposals –
and intended as a Modernist showpiece.
focused around the northern entrance of the Bon Accord
Upon its opening at the beginning of October 1989, John Centre, broadly encompassing George Street, Loch Street,
Lewis Aberdeen became the Partnership’s most northerly Crooked Lane and St Andrew Street.
store ahead of the Edinburgh store. The building is confined
Notwithstanding, the property may be suitable for a range of
to the surviving two ribbed concrete and glazed elevations
other uses including residential, subject to planning. Residential
which form a striking Brutalist design.
development would benefit from the Affordable Housing
The property extends to around 200,000 sq.ft and is Waiver, currently in place in Aberdeen City Centre.
arranged over 4 floors with a rooftop carpark and a
We would encourage all interested parties to review
pedestrian and vehicular access bridge linking the building
the Aberdeen City Centre Masterplan and discuss
direct to the Bon Accord Centre.
the opportunity with Aberdeen City Council planning
department who can be contacted on pi@aberdeencity.gov.uk
ROOF TOP CAR PARK or 01224 523470.
The roof top car park is currently leased to the head tenant
of Bon Accord shopping centre until 2138. The Landlord does
have redevelopment break rights and further details can be
provided on request.
3
6
1
2
5
4
ABERDEEN CITY CENTRE
MASTERPLAN AREA OF INTERVENTION
The Aberdeen City Centre Masterplan, launched in 2015 1. Denburn Valley 5. Station Gateway
sets out a blueprint for the transformation of the city centre 2. Heart of the City 6. Castlegate / Castlehill 7
area. Notable projects include the renovation of Aberdeen
Music Hall, a £9million project to restore the auditorium 3. Queen’s Square 7. North Dee / Torry
and improve leisure facilities; the c.£28.3m refurbishment of Waterfront
4. Union Street West
Union Terrace Gardens and the refurbishment of Aberdeen
Art Gallery, a £34.6million project to increase display and
gallery space and create rooftop café / exhibition space.
Furthermore, £150 million is being spent on the city centre
as part of the masterplan refresh to help accelerate the city
centre’s recovery.
There are plans for a new international market at the
former BHS / Aberdeen Market site, Union Street is to be
pedestrianised from Bridge Street to Market Street, and
there are proposals for a new football stadium and leisure
facilities at the beach front.
The Masterplan is transforming Aberdeen as a place to live,
visit, work and do business.
STAIR 7
STAIR 8
VM OFFICE STORE
7.1 SQ.M /
VM 76 SQ.FT CARPENTERS STORE
STUDIO WORKSHOP
36.9 SQ.M / 398 SQ.FT STORE
41 SQ.M / 441 SQ.FT VM OFFICE
s
s 12.8 SQ.M / PLANT
137 SQ.FT
VM STORE s
7.4 SQ.M /
79 SQ.FT
ACCOMMODATION
s
RISER
CORRI DOR
STORAGE
UP
The building has been measured on inspection, and the
BULK STORE
19.9 SQ.M / 214 SQ.FT
STOCKROOM
FITTING ROOM
Gross Internal Area, calculated in accordance with the
CORRI DOR
STAIR 9
SPRINKLER TANK
PUMP
ROOM
FITTING
ROOMS
12.9 SQ.M /
STAIR
138 SQ.FT
10
GOODS
RICS Code of Measuring Practice, is as follows;
LIFT
15.7 SQ.M / 168 SQ.FT
NURSERY ADVISOR
CUSTOMER
ENTRANCE
3.4 SQ.M/37 SQ.FT
FITTING
ROOMS
CUPBPOARD
CLEANERS
STOCKROOM
STOCKROOM 12.1 SQ.M /
130 SQ.FT DM OFFICE
ST. 6 ST. 5 13.2 SQ.M /
143 SQ.FT
STORE STAGI NG STORE
AREA
STOCKROOM
17.5 SQ.M / 188 SQ.FT
DISPLAY WINDOW DW1
DUCT
DWC
DUCT
STORE ELECTRIC
STATIONERY RISER
OFFICE GOODS
6.7 SQ.M / LIFT
72 SQ.FT
Ground Floor 4,500.41 sq.m 48,442 sq.ft
EL. RISER ER1
STOCK
STAIR 1
STAIR 4
RISER
SELLI NG AREA G1 SELLI NG AREA G2 SELLI NG AREA G3
STORE
First Floor 4,441.33 sq.m 47,806 sq.ft
PLANT
STOCK
DISPLAY WINDOW DW2
STOCKROOM STAIR 3
Second Floor 4,767.70 sq.m 51,319 sq.ft
STOCK ESCALATOR TOWER
DISPLAY
DISPLAY WINDOW DW3
47.3 SQ.M / 509 SQ.FT
DISPLAY WINDOW DW4 3.7 SQ.M / PLANT
39 SQ.FT PLANT
GROUND FLOOR FIRST FLOOR
Third Floor 4,584.12 sq.m 49,343 sq.ft
Fourth Floor 1,025.93 sq.m 11,043 sq.ft
STAIR 7 STAIR 8
STORE UN-USABLE STORE RISER
PLANT ROOM
TICKET
C.M.O.
MACHINE
EL. RISER MANAGER
ER8
FIRE ESCAPE DOOR
Total 19,319.49 sq.m 207,953 sq.ft
H&V DUCT
OFFICE
C. M. O.
REDUCED IN AREA
BY 104m2
STAIR 9
SELLI NG AREA S1 FITTED
KITCHENS
The property occupies a site of approximately 1.41
GOODS MALE
LIFT PARTNER HR 7
CLNR TOILET
DUCT
FIRE ESCAPE DOOR
LOBBY
CONSTRUCTION JOINT
MALE
FEMALE PARTNER PARTNER
DUCT
TOILET TOILET
STOCK ROOM
RISER
SHWR.
acres / 0.57 hectares and is bound by St Andrew Street
SHWR.
STAIR 5
STAIR 6
STORE
LOBBY
M. CATERING FEMALE PARTNERS'
LOCKERS LOCKERS
LOBBY
FIRE ESCAPE DOOR
to the North, George Street to the West, and Loch
SLIDING DOOR
ELECTRIC
GOODS
DUCT
STORE CUSTOMER STORE RISER
ESPRESSO BAR
LIFT
DUCT
DUCT
STOCKROOM LIFT OFFICE ER5 STOCKROOM
STOCK ROOM
Street to the South and East.
LOBBY
EL. RISER EL1
EL. RISER ER4
STAIR 1
STAIR 4
SELLI NG AREA S1 SELLI NG AREA S2 SELLI NG AREA S3
LOBBY
DUCT
DUCT
DUCT
DUCT
STAIR 2 STAIR 3
ESCALATOR TOWER
LOBBY
LOBBY
LOBBY
STOCKROOM STOCKROOM STOCKROOM
STOCKROOM
SECOND FLOOR THIRD FLOOR
STAIR 8
THE PROPERTY EXTENDS TO AROUND
GOODS
LIFT L2
MOTOR
ROOM
200,000 SQ.FT AND IS ARRANGED OVER 4
FLOORS WITH A ROOFTOP CARPARK AND A
PEDESTRIAN AND VEHICULAR ACCESS BRIDGE
PART OF
PLANT ROOM
STAIR 5
PART OF switchgear
PLANT ROOM
LINKING THE BUILDING DIRECT TO THE BON
PASSENGER
GOODS
LIFT L1
LIFT L3
MOTOR
MOTOR
ROOM
ROOM
lift L1
control gear
ACCORD CENTRE.
CALORIFIER ROOM
STAIR 1
STAIR 4
EXI STI NG PLANT ROOM
FAN CHAMBER
The plans have been provided for indicative purposes only, and
STAIR 2
LI NK BRIDGE
are not to be relied upon for any reason
FOURTH FLOOR CAR PARK
Ordnance Survey © Crown Copyright 2021. All Rights Reserved.
Licence number 100022432
Plotted Scale - 1:1000. Paper Size - A4
LICENCE TO OCCUPY The NHS currently have a Licence to Occupy until 15 August 2022, then rolling on a 12 month rolling basis thereafter. Either party can terminate the licence on providing 6 months’ notice. SALE PRICE Offers are invited for our client’s heritable interest. A guide price can be provided to interested parties upon application. EPC A copy of the EPC Assessment and the Action Plan can be made available to interested parties. VAT The property has been elected for VAT and therefore VAT will be payable. RATEABLE VALUE The current Rateable Value for the property is £1,280,000. The Higher Property Rate in Scotland for the year 2021/2022 is 51.6p / £. INTEREST AND OFFERS Parties should note interest in order to be kept informed of any closing date set and to receive any supplementary information. Disclaimer Savills their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in CONTACT relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form For further information please contact: part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs DAN SMITH STUART MONCUR BRUCE PATRICK and plans are for guidance only and are not necessarily comprehensive. It should E dan.smith@savills.com E stuart.moncur@savills.com E BPatrick@savills.com not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. T +44 (0) 1224 971 111 T +44 (0) 131 247 3706 T +44 (0) 141 222 5873 Purchasers must satisfy themselves by inspection or otherwise. M +44 (0) 7967 555 835 M +44 (0) 7887 795 506 M +44 (0) 7870 555 816
You can also read
