Aberdeen-based Knight Property Group has secured £45million in funding from Royal Bank of Scotland (RBS) to continue the purchase and development of prime acreage throughout Aberdeen city and shire for its development of commercial property.

The commercial property specialist has developed in excess of 10 acres of land since the start of 2010, with several developments commenced on a speculative basis yet snapped up before completion.

The Group achieved the biggest letting in Aberdeen last year for the lease of 33,483 square foot at Westpoint Business Park in Westhill to exploration and production company TAQA Bratani.

James Barrack, chairman and Managing Director, Knight Property Group, said: "There continues to be a massive demand for commercial property in the area, particularly from energy companies looking to set up a base in Aberdeen, the oil and gas capital of Europe. Aberdeen is a popular business location but there is not a fraction of the square footage of required office space available to meet demand.

"We have consistently developed office and industrial space throughout the recession in response to the lack of well-located good quality accommodation in the city and to cater for the current and forecasted growth in demand.

"Thanks to RBS we are now fully funded to purchase and develop land in prime locations, providing grade A commercial properties where possible. We are actively seeking out sites and are presently looking at a selection of opportunities including land purchase, site development and property redevelopment," he continued.

Stuart Heslop, RBS head of real estate finance in Scotland said: "I am delighted that RBS is supporting Knight Property Group in its plans for Aberdeen. The company has an excellent track record in the city and James and his team have a fantastic reputation for meeting the needs of firms who are actively looking for new space. This will undoubtedly benefit the local and wider Scottish economy for years to come."

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Minto Commercial Park – Altens, Aberdeen

Various projects completed by Knight since early 2010 include Unit 3 at the Minto Commercial Park – a speculative build on a 1.2 acre site which was let prior to its completion in April 2010 with an investment value in excess of £ 2.50 million. The second to last property on the site, Unit 8, was completed this April and remains available for let. Also occupying a 1.2 acre site, it comprises of 4,532 sq ft of offices, 10,000 sq ft of warehouse and an additional 9,880 sq ft of concrete yard.

Unit 6, the last site to be developed at Minto Commercial Park, will complete the transformation of the 11 acre brown-field site into a high-end commercial industrial estate. Completion of Unit 6 is forecast for early summer 2012.

The entire site has been developed over a period of 3 years with an investment in excess of £20million. Knight sold five of the completed properties covering eight acres in the summer of 2010 for £12.5 million.

Kirkhill Commercial Park – Dyce, Aberdeen

A further large scale Knight development is Kirkhill Commercial Park at Dyce, by Aberdeen Airport, a 12 acre site under development since mid-2008. Knight developed and let the entire site in 35 months encompassing 86,000 sq ft of offices, 88,000 sq ft of workshop / warehouse and 184,000 sq ft of concrete yard with an investment value of approximately £35 million.

The Park consists of six high quality, high specification buildings providing commercial and industrial space to Bristow Helicopters, Eurocopter, Fugro impROV, Coates Offshore, Schilling Robotics and Survivex.

In 2010, Knight commenced and completed the development of Unit 3 which was let to Schilling Robotics who struck a deal for the 1.2 acre site with a valuation of £2.5 million. A further site was developed and pre-let to Survivex – covering 3.4 acres it contains an offshore training and survival centre which was completed in May 2011 with a value of £11.5 million.

Westhill Business Park – Westhill, Aberdeen

In addition to the afore-mentioned 33,483 sq ft which Knight completed last year and pre-let to TAQA Bratani with an investment value of approximately £7.5 million the Group is currently developing a multi-storey car park for TAQA on a pre-let basis which is due to be completed by January 2012.

Further success at Westhill Business Park includes the pre-let of Pavilion 7 to Kongsberg Maritime. Construction of the office and training facility will commence this October and is due to be completed in June 2012.

Also at the popular business location of Westhill is Prospect Park, a 6 acre site purchased by Knight which the team is currently seeking planning permission for.

Aberdeen Centre

Moving back towards the city centre sees us at 13 Queens Road in the west end, which Knight acquired in November 2010. Work recently commenced on the property which will be transformed into 16,000 sq ft of prime grade A office space and is due for completion in Q1 of 2012 with a projected investment value exceeding £7.5 million.

The company will transform the existing traditional granite townhouse internally into modern offices over four floors. Knight will demolish the current extension at the rear of the property and replace this with Grade A open plan offices over three floors which will be linked to the existing granite building.

At Denmore Place in the Bridge of Don Knight has re let offices and warehouse accommodation to Saipem for a further five years following an initial five-year lease. This site was developed in 2006 to provide 15,000 sq ft of office and warehouse space.

Recognised as Scotland’s Developer of the Year in 2009, Knight Property Group was established in Aberdeen, Scotland in 1987 and provides a complete range of property investment and development services.

The company has extensive experience in the design and build of new facilities and the refurbishment and upgrading of existing properties.

(GK)