ETZ Ltd and Scottish Enterprise have launched the £2.5m Property Improvement Fund to help upgrade vacant and underutilised premises across Aberdeen and Aberdeenshire.
The fund is designed to tackle the high refurbishment costs that can prevent older industrial properties from being upgraded and limit businesses’ ability to grow.
Delivered by ETZ Ltd and funded by Scottish Enterprise, the scheme will offer funding solutions of up to £500,000 per project, covering no more than 30% of eligible costs.
The fund is part of the wider strategic partnership announced by ETZ and Scottish Enterprise earlier this year, which aims to create more business-ready industrial space and build on the success of a 2024 ETZ pilot.
The 2024 round saw £1.56m awarded to seven projects in Altens and East Tullos, unlocking a total investment of more than £5.3m, including nearly £4m from the private sector, across projects expected to support up to 100 jobs.
Among the recipients were AJT Engineering, where the funding facilitated a new renewables division and fresh recruitment, and Air Liquide, whose project supported expansion into low carbon markets and associated employment opportunities.
Eligible work for this new round can include improvements to building performance, low carbon energy and heating systems, landscaping, accessibility and wellbeing measures, energy audits and carbon assessments.
Projects must involve existing industrial property with the potential to support businesses operating in, or supplying, energy transition markets.
Applications will be assessed on factors including economic impact, private investment, occupier demand and carbon performance.
The fund will prioritise deliverable projects that can return vacant or underused floorspace to productive use, secure new or growing occupiers, support jobs and enable companies to diversify into energy transition markets.
Neil Young, deputy chief executive of ETZ Ltd, said: “The Property Improvement Fund has already shown what targeted investment can achieve.
“It has helped bring long-vacant industrial buildings back into use, improve existing premises and create space for businesses to grow.
“This £2.5m fund will support projects across Aberdeen and Aberdeenshire. We want to hear from applicants with strong, deliverable proposals that can revitalise industrial property and help grow the region’s energy transition supply chain.”
