ETZ Ltd and Scottish Enterprise have launched the £2.5million 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. By addressing the viability gap associated with refurbishing older industrial property, the fund is designed to unlock significantly greater private investment and bring business-ready premises back into productive use.
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, support companies to grow and diversify into energy transition markets, and strengthen the North-east’s proposition to mobile investors. It builds on the success of a 2024 ETZ pilot.
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.
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.
The seven projects awarded funding in 2024 were:
- BB Minto Ltd
- Aberdeen One Ltd / Ross Safety and Survival
- AJT Engineering Ltd
- Air Liquide Oil & Gas Services Ltd
- Sinomine Speciality Fluids Ltd
- EPIC ALVA 1 Ltd
- West Coast Estates.
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.”
Clare Alexander, Director, Boosting Capital Investment at Scottish Enterprise, said: “This new fund will help bring more vacant and underused industrial property back into productive use, creating the business-ready premises companies need to invest, grow and diversify into energy transition markets. Through our strategic partnership with ETZ, we are strengthening the North-east’s proposition to investors and helping turn the region’s energy transition opportunity into long-term economic impact.”
The fund is open for applications now, with initial proposals expected to be reviewed before the end of the year and funding available across 2027/2028. Property owners and businesses are encouraged to engage early, whether they have projects ready to progress now or are considering proposals that could be brought forward during 2027.
Full guidance and application materials are available at LINK. Completed applications should be sent to propertyfund@etzltd.com.