Joint Ventures

Aberdeen, Ikea

Reeder Ness identified this off market opportunity on the south side of Aberdeen. The property extends to 110,000 sq ft on a site of 8 acres. We successfully negotiated the acquisition of the property on behalf of our joint venture partners, Cyan Properties, who are part of the Pears Group. The property was subsequently leased back to Makro.

Reeder Ness provided planning and development advice as well as securing new tenants for the building. Retail Planning Consent was received in July 2015 and the existing building was split into 3 separate units. Lease terms were agreed with IKEA, Booker and Pure Gym. A new Starbucks Drive Thru was developed in the car park.

STATUS: DEVELOPMENT COMPLETED APRIL 2016

Aberdeenshire, Portlethen, Neighbourhood Retail Centre

In a Joint Venture with Drum Capital Projects, Reeder Ness acquired a 0.8 acre site in Portlethen from Stewart Milne Group for the development of a new neighbourhood retail centre as part of a major housing release. Planning permission, building warrant and roads construction consent were obtained for a 8,500sqft retail development containing 5 separate units. Pre-let agreements were reached with Co-Op, a local pharmacy, Domino’s Pizza and Barnados.

STATUS: DEVELOPMENT COMPLETED MARCH 2016

Aberfeldy, Cupar and Castle Douglas, RBS Portfolio acquisition

In a Joint Venture with Drum Capital Projects, Reeder Ness acquired 3 Royal Bank of Scotland Branches with upper floor residential potential in the affluent market towns of Aberfeldy, Cupar and Castle Douglas. RBS had leases in place until 2027 for the ground floors as part of a previous sale and leaseback arrangement. Planning permission was secured for conversion of the upper floors in each location from office to residential use. The properties were then sold to private investors and developers upon receipt of planning consent.

STATUS: COMPLETED OCTOBER 2015