ETZ Ltd and Scottish Enterprise have unveiled a £2.5m Property Improvement Fund to refurbish vacant and underused industrial premises across Aberdeen and Aberdeenshire, tackling the high upgrade costs that often block redevelopment and business growth.

Delivered by ETZ Ltd and funded by Scottish Enterprise, the programme will provide up to £500,000 per project, covering no more than 30% of eligible costs. By closing the viability gap on refurbishing older industrial sites, the fund aims to mobilise significantly greater private investment and return business-ready space to productive use. It forms part of a wider strategic partnership announced earlier this year to create more industrial space, help firms grow and diversify into energy transition markets, and strengthen the North East's offer to mobile investors. The initiative builds on a successful 2024 ETZ pilot.

Eligible works include improvements to building performance, low carbon energy and heating systems, landscaping, accessibility and wellbeing measures, as well as energy audits and carbon assessments. Projects must involve existing industrial property with potential to support businesses operating in, or supplying, energy transition markets. Applications will be judged on economic impact, private investment, occupier demand and carbon performance, with priority given to deliverable proposals that bring floorspace back into use, secure new or growing occupiers, support jobs and enable diversification.

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In 2024, £1.56m was awarded to seven projects in Altens and East Tullos, unlocking more than £5.3m of total investment, including nearly £4m from the private sector, across projects expected to support up to 100 jobs. Beneficiaries included AJT Engineering, where funding enabled a new renewables division and recruitment, and Air Liquide, which expanded into low carbon markets with associated employment opportunities. The seven recipients 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; and 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 concepts that could be advanced during 2027.

Full guidance and application materials are available at etzltd.com/supply-chain/support/property-improvement-fund. Completed applications should be sent to [email protected].