Aberdeen city centre office block Johnstone House has been bought by Norlin JH in a £5m deal - and has hailed the city's resurgent leasing market.
The five storey multi-let building in Rose Street was put on the market at the end of 2022 by Knight Frank.
Norlin JH's £5m investment was backed by Norlin Ventures Limited, Fishpool Ventures Limited and Norlin Aberdeen US LLC, a US entity controlled by John Fichthorn. Cambridge & Counties Bank also backed the transaction.
Johnstone House includes 52,378 sq ft of office space, one third of which is currently vacant and will be repositioned and brought to market later this year.
James Beeton from Norlin JH said: “Over the past year, Aberdeen’s commercial office market has seen resurgent leasing post a protracted subdued period substantially below five-year average uptake.
“We envisage a shortage of the right type of supply within the city centre, so with an established high quality tenant base already in place and a degree of vacant space to reposition into the market, we felt that Johnstone House was perfectly placed – and ideally located – to meet the growing demand.”
John Fichthorn from Norlin Aberdeen US said: "We see favourable investment conditions for the UK in general and Aberdeen in particular. There has been a seismic shift in energy policy both globally and in the UK. Focus is now firmly on security of supply and faster adoption of renewables; and the Aberdeenshire economy has the skills base to play a leading global role.”
Norlin was advised on the transaction by Gunnercooke LLP, Savills and Kingfisher Property Finance.
