In one of the largest office deals in Scotland this year, Shell has sublet 52,395 sq ft (4,867 sq m) in Aberdeen to Canadian Natural Resources (CNR).
CNR is paying an initial rent of £772,160 pa for the space at St Magnus House on Guild Street, which was previously occupied by Enterprise Oil.
Shell UK Exploration & Production’s lease on the space runs until November 2015, with a break option in 2010.
Calgary-based CNR, which plans to expand in Scotland, will relocate staff from London to St Magnus House.
Chesterton’s Aberdeen office advised Shell, while Smith Milligan respresented CNR.
In May of this year, Stainton Capital Holdings bought St Magnus House from South Castle Properties for more than £13m. The deal reflected a net yield of 8.4%.
EGi News 17/10/02
