One of the flagship new office developments in Aberdeen city centre is more than 85% let, defying fears that finding tenants in a local economic downturn would be a major challenge.
There is only one floor left unaccounted for among nine levels of office accommodation in the 12-storey building The Capitol at the west end of Union Street.
A joint venture between Aberdeen-based Knight Property Group and M&G Real Estate, The Capitol opened just over a year ago after a £30 million transformation of the former theatre, cinema and nightclub.
Its joint letting agents are Savills, Ryden and AB Robb.
Arron Finnie, partner and office market expert in the city office of Ryden, said it was a remarkable feat to reach 85% so soon.
“Considering what we’ve been going through in Aberdeen, to be sitting with only one floor of the whole building left has left everyone pleasantly surprised.”
The Capitol’s success is also good for the soon-to-be-completed Silver Fin building next door, he said, adding the properties would not be in so much direct competition for business.