Rockspring sells Riverside House

Rockspring Property Investment Managers announces that it has sold Riverside House in Aberdeen on behalf a separate account mandate for £13.75m to Aston Property Ventures.

Constructed in 2002, Riverside House is a multi-let grade A office building consisting of 52,745 sqm of lettable space. The property is located to the west of Riverside Drive overlooking the River Dee and in close proximity to the regenerated harbour area and Union Square shopping centre development.

Since acquiring Riverside House for £11.5m in July 2011, Rockspring has carried out major refurbishment works to the car park and rent reviews undertaken in 2012 have increased the rent per sq ft by 25% to £24 per sq ft. The building is currently fully let to Talisman Energy, Scottish Ministers and AWG Business Centres Ltd.