171-173 Union Street, Aberdeen, Aberdeenshire, AB11

Prime City Centre
Busy Thoroughfare
Let To Santander Plc
Expiry: 31st December 2030
Passing Rent: £57,000p.a.x
Rent Review: 2025
Price: o/o £595,000

Location

The units are located within
the heart of Union Street the City's traditional commercial thoroughfare, in close proximity to the busy Union Street / Union Terrace junction and close to Union Terrace Gardens, currently benefitting from a circa £30M major regeneration. The City's Shopping Centres are all within walking distance as are the rail and bus stations.

Occupiers in the vicinity include Primark, Barclays, HMV, Poundland, KFC and Lakeland. A Travelodge is close by as are a number of bars and restaurants.


Property

The property is arranged over ground floor with a small first floor element providing office and staff facilities.

The property is presented in a standard Santander corporate specification with floors overlaid in laminated timber and ceramic tile with lighting provided by way of L.E.D spots within the suspended tile ceiling, air conditioning units are also within the ceiling.

Glass partitions have been erected to form individual meeting rooms, with rear counter area providing further work space.

Area

The property has been calculated to extend to the following internal area:

Ground: 261.24sqm (2,812sq ft)
1st: 33.17sqm (357sq ft)

Total: 294.41sqm (3,169sq ft)

Executive Summary

The property is held on a full repairing and insuring head lease on the following terms

Tenant: Santander UK Plc
Expiry: 31st December 2030
Rent Review: December 2025
Passing Rent: £57,000p.a.x
Covenant: Santander UK PLC are a wholly owned subsidiary of Banco Santander SA. Interested parties can review Santander UK PLC's 2024 annual accounts online. In 2024, Banco Santander reported a profit before tax of £15.7 billion, a 15.6% increase compared to £13.5 billion in 2023. The business has 14 million active UK customers and 450 branches ( 171-177 Union Street is the only Aberdeen branch). Santander is the 3rd largest retail mortgage provider in the UK and employs 18,000 full time equivalent employees.

Price

The property is available on a freehold investment basis for o/o £595,000

V.A.T

The vendor has opted to waive their option to tax, as such the transaction will be treated as a transfer of a going concern.

E.P.C

Available on request

Title

Available on request

Legal

Each party shall bear their own legal costs incurred in the transaction

Anti-Money Laundering

In order to comply with anti-money laundering legislation, the successful purchaser / tenant will be required to provide certain identification documents. The required documents will be confirmed to and requested at the relevant time.