A landmark building in Aberdeen offers investment and redevelopment potential.

Historic Aberdeen building hits the market for £2.1 million
A significant piece of Aberdeen’s architectural heritage has recently been listed for sale, with a price tag of £2.1 million. This historic building, located at Queen’s Cross, has been leased to Clydesdale Bank, now operating as Virgin Money, since 1995.

The owners are now looking to capitalize on this prime investment opportunity, which not only holds historical value but also presents potential for redevelopment.

Architectural significance and historical context

The property, originally constructed in 1865, is celebrated for its architectural beauty and historical importance within the Granite City.

According to Ryden LLP, the firm managing the property listing, this building is considered one of Aberdeen’s most cherished landmarks. Its design reflects the architectural trends of the 19th century, characterized by the use of granite, a material that has become synonymous with the city itself.

Moreover, the building’s prestige is heightened by its association with George Washington Wilson, a prominent photographer known for his work during the Victorian era. Wilson’s contributions to landscape and architectural photography have left an indelible mark on Scotland’s visual history, making this property not just a building, but a symbol of cultural significance.

Investment potential and redevelopment opportunities

Ryden emphasizes that the property offers more than just a historical narrative; it also presents a lucrative investment opportunity. The building spans 8,515 square feet and includes a modern extension that has been tailored to function as a banking hall. With Virgin Money currently paying an annual rent of £225,250 and a lease agreement in place until April 2030, the property promises a steady income stream for potential buyers.

Additionally, the location at the junction of Albyn Place and St Swithin Street is advantageous, surrounded by other financial institutions and amenities such as cafes and restaurants. This vibrant area enhances the property’s appeal, making it an attractive option for investors looking to capitalize on Aberdeen’s growing economy.

A glimpse into the past: Dizzy’s and local heritage

Beyond its current use, the building has a rich history as one of Aberdeen’s beloved venues, known as Dizzy’s. Opening its doors in 1969, this fine dining establishment was a pioneer in the local culinary scene. However, in 1992, the decision was made to relocate the restaurant to a different site, leaving behind a legacy that still resonates with the community.

The historical and architectural significance of this building, combined with its potential for redevelopment, makes it a unique opportunity for investors and developers alike. As Aberdeen continues to evolve, properties like this one serve as reminders of the city’s rich history while also paving the way for future growth.