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News Release

Scotland

£10.5 million Aberdeen Business Park up for sale

Strategic development opportunity at The Core


ABERDEEN, October 2, 2017 – One of Scotland's leading business parks is up for sale with an asking price of £10.5 million.

The strategic development opportunity at The Core, Aberdeen includes 20.96 acres of developable commercial land and the recently completed Core 3, a 27,000 sq ft vacant industrial unit.

The site is available as a whole or as two separate lots. Outline planning consent has already been granted for Classes 4, 5 and 6, and detailed consents approved for three plots within the masterplan.

The asking price of £310,000 per acre is significantly lower than other similar land sales in the North East in recent years. Notably, Jarvie Plant Hire bought land to develop at Greenbank Road for £620,000 an acre in 2015 and sites on the park have been sold at figures reflecting £450,000 per acre.

Located in the Bridge of Don, the established business park is currently accessed by the A90. However, next year it will be connected with the Aberdeen Western Peripheral Route - the £745 million, 58km, city-bypass project - once it opens to traffic. Current occupiers on site include HVAC and Sonomatic.

Owners Clearbell Capital, who bought the Core in 2012, are choosing to sell the well-known site, the last commercial site in its Scottish portfolio, to focus their efforts on projects in England.

The Core sits within Scotland's energy corridor, Energetica,  a long-term economic development and placemaking programme that seeks to create a world-class development corridor, stretching over 30-miles from Bridge of Don in Aberdeen, north to Peterhead, and around Aberdeen International Airport.

Focussed in one of the Aberdeen City Region's strategic growth areas, Energetica comprises a stunning coastal setting and improving infrastructure, and seeks to integrate two key components; sustainable economic growth and quality of life. 

Property firm JLL Scotland, who are marketing the site, expect significant interest from developers looking to capitalise on renewed optimism in the UK's energy capital, as evidenced by new oilfield explorations and extractions, a new harbour expansion at Nigg Bay, and completion of the Aberdeen Western Peripheral Route in early 2018

Craig Watson, Director at JLL, said: "The Core represents a unique opportunity to acquire a strategic development site at a competitive price in what is an improving market. Clearbell has invested significant sums to create an oven ready site which also benefits from an attractive outline planning consent.  

"Based on both recent Aberdeen land sales and sales across the rest of the UK, acquiring prime development land at this price would provide real scope for upside. That potential, combined with improving market conditions and better demand from occupiers, should provide a very attractive proposition for buyers."

Energetica development manager, James Welsh, commented: "The Energetica corridor seeks to create the optimum conditions for business growth and to ensure that this stunning natural environment north of Aberdeen offers competitive investment opportunities. High-quality, modern and well-connected business parks, such as The Core, play a key role in delivering that ambition and attracting new investment into the region.

"The Energetica corridor is home to a number of new and innovative infrastructure projects and high value businesses from a number of sectors including energy, food & drink, agriculture and fisheries and The Core, at the southern gateway to the Energetica corridor, with access to Aberdeen and Peterhead Ports as well as the airport offers a great place to locate."