The deal
The property is fully let and anchored by Co-op, with a wider occupier mix including national and independent operators across convenience, food and beverage, charity retail and leisure-led uses. The purchase strengthens our client's Aberdeen portfolio and follows earlier investment in other retail assets in and around the city.
How we helped
Our commercial real estate team, led by Kelsey Gibson, provided legal advice on the acquisition, working closely with the client and its agents to progress the transaction efficiently and commercially. The instruction required clear, pragmatic advice across the key property issues, including title, lease and occupational matters, while maintaining momentum towards completion.
The transaction is a further example of our team's experience supporting investors on Scottish commercial property acquisitions, particularly income-producing retail assets where timing, certainty and commerciality are central to a successful deal.
Wider context
The acquisition is well timed as Aberdeen city centre is undergoing a programme of regeneration. Union Street in particular is now a key focus of public and private sector activity aimed at improving the street environment, encouraging renewed investment. Streetscaping works have recently commenced with the aim of attracting higher footfall to the area.
The Scottish Government has also announced further funding for the "Our Union Street" project, building on work to support vacant unit activation, shopfront improvements, cleaning, maintenance and stronger partnership working with landlords, occupiers and local businesses.
Against that backdrop, the purchase of a fully let retail parade in a central location reflects continuing investor confidence in well-positioned, income-producing assets that serve both local communities and city-centre footfall.
