Warner Estate Holdings and Morley Fund Management have bought St Magnus House in Aberdeen for £23.7m.

The property has been bought on behalf of the Apia Regional Office Fund from Hugo Jackson’s Stainton Capital. The deal reflects a net initial yield of 5.76% .

St Magnus House is a city centre office building overlooking Aberdeen harbour and comprises 80,180sq ft (7,449 sq m) of refurbished office space over six floors with 129 car parking spaces.

The property is fully let to tenants including CNR International (UK), Lundin Thistle, the Scottish Ministers and Nestor Primecare Services at an average rent of £18/sq ft (£193.75/ sq m).

Robert Game, managing director of Apia, said: ‘St Magnus House represents an excellent acquisition for the fund. Aberdeen is a favoured location due to the strength of its economy and the restricted supply of good quality office space.’