The iconic Norco House building, formerly known as the John Lewis building, has been acquired by millionaire property developer Zakir Issa for a sum of £270,000. Zakir Issa, a sibling of the billionaire Issa brothers who own the supermarket giant Asda, has shown a keen interest in Aberdeen’s property landscape.

The Norco House building, situated on George Street, has been a landmark in Aberdeen for over 50 years. The property, which extends to more than 200,000 sq ft over five floors, was previously occupied by John Lewis until its closure in 2021. The acquisition price is notably a fraction of the £14.3 million paid for the building in 2011.

This purchase follows Issa’s acquisition of the Bon Accord Centre, another significant property in Aberdeen, which he reportedly secured for under £10 million, a stark contrast to its once valuation of over £200 million.

The future of the John Lewis building remains uncertain since its closure. However, with Zakir Issa’s track record and the potential for redevelopment, there is hope for a new chapter for this iconic structure. Notably, no specific developers or builders have been mentioned in relation to the redevelopment plans.

Aberdeen City Council co-leader Ian Yuill has previously hinted at the possibility of demolition for the building. However, there remains optimism that the structure could see a new lease of life, with planners exploring various options for the landmark.