Office income and refurbishment
82,000 sq ft
New Telecom House occupies a prominent position right next to Aberdeen’s central train station, in the heart of the city centre.
The building was purchased in 2013 from Aviva’s APIA fund at a high, 9.25% net initial yield, and off of a low rent. Single let to British Telecom, BT had sublet 70% of the building to British Petroleum and Wood Group.
Following the period of high income and significant distributions to investors, the building is now vacant after the expiry of BT’s lease. Avenues are being explored to retrofit New Telecom House, and bring it back into modern specification, capitalising on the repositioning of the city itself into the heart of the UK’s green energy revolution.
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