Gateway Business Park
Aberdeen

Background

With the increasing demand in Aberdeen for offices and production space, the opportunity was identified to acquire a large tract of land in Aberdeen to the south of the established Altens industrial estate. The 70 acre site was acquired in a 50 /50 joint venture with Muir Construction, with whom we had built up a strong relationship on other projects.

Strategy

The site was acquired unserviced and subject to planning. After extensive negotiation with the Planning Authorities, consent was obtained to develop 40 acres for a combination of offices and business units with warehouse / production space. The first phase involved servicing the whole site with the necessary infrastructure. Development was to be undertaken on a pre let piecemeal basis, with finance initially provided by a combination of partner equity and bank debt. After the first buildings were pre let and the investments sold, the bank debt was repaid. Five separate buildings have been let with occupiers, including: Hydrasun, Driving Standards Agency and National Oil Varco and then sold to investors