Disposal of Leasehold Liability in Aberdeen

The Challenge

Cushman & Wakefield was instructed in January 2013 by Clydesdale Bank Plc to provide marketing and agency advice for 56 Carden Place which comprises of a detached traditional office building with a modern extension to the rear.

The brief was to secure an assignee or sub-tenant for the remaining lease liability as quickly as possible, on the best possible lease and rental terms.

The Solution

The office market in Aberdeen at that time was weighted towards Landlords, with pent up demand from occupiers due to a shortage of quality space. 

Cushman & Wakefield  provided market led advice highlighting the high profile location of the building, excellent fit-out available and remaining lease term. 

Through our extensive market knowledge, we were able to bring forward a number of interested parties without the need to conduct a high profile marketing campaign.

The Results

Within eight weeks of our instruction to market the premises, Cushman & Wakefield successfully agreed heads of terms with EPC Offshore Limited for the remaining lease term.

Cushman &  Wakefield successfully passed on the Clydesdale Bank's accrued dilapidations to the tenant, with a nominal rent free package.