Contact the Capital Investment team for more details about this opportunity

Opportunity Queen Street

A multi-phase scheme with opportunity for flexible investment, including equity or debt finance, plus joint ventures for some or all phases.

Phases 1 to 3, with a project value of 26.5 million GBP, present opportunities for hotel, apartments, and leisure and retail.

Contact the Capital Investment team for more details about this opportunity.

Queen Union Street in Aberdeen city centre at night
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Location

Aberdeen city centre, Scotland

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Project promoter

Aberdeen City Council

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Scale

£150 million GDV

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Sector

Retail, Commercial, Residential, Leisure, Private rented sector

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Investment type

Joint venture, development partner, equity

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Planning status

Included in Local Development Plan and key project in City Centre Masterplan

Map showing the location of Aberdeen and the main road links to Dundee and Perth

Project background

Queen Street will be a residential-led, mixed-use urban quarter in the historic heart of central Aberdeen, adjacent to the new 107 million GBP Marischal Square development. Phases 1 to 3 are scheduled for a start in 2020 to 2021 and present opportunities for hotel, 350 apartments and 9,000 square metres (97,000 square feet) of leisure and retail. Construction costs for phases 1 to 3 are in the region of 18.5 million GBP.

Queen Street will deliver a new urban quarter alongside existing cultural facilities which will result in a vibrant neighbourhood that is active throughout the day and into the evening. The project is central to the City Living approach that is being promoted to re-energise the core of the city and is complemented by major investment in public realm, infrastructure and iconic parks and squares.

Aberdeen’s economy is diversifying quickly and the city was recently recognised as the best place in the UK to start a new business. Oxford Economics has predicted that Aberdeen is set to grow 7.4% over the next five years. Recent data on office occupancy demonstrates a doubling of take-up in 2017 to over 37,000 square metres (398,000 square feet).

Aberdeen is one of the world’s top five energy cities and has been ranked as one of the UK’s most competitive and innovative cities. A quarter of Scotland’s top 100 companies are based in Aberdeen and Gross Value Added (GVA) sits at 18,336 million GBP, 15% of the Scottish total.

About the project

This is a multi-phase scheme in a prime location. The opportunity could take various flexible forms such as equity or debt finance and there are opportunities for joint ventures for some or all phases. The project has a value of approximately 150 million GBP. Expected completion of all phases by 2025 to 2026.

Promoters and partnerships

Queen Street is being promoted by Aberdeen City Council in partnership with a number of public sector stakeholders, including the Scottish Government.

To invest in the UK, get in touch with our team.

Find out more about Aberdeen City Centre Masterplan and Marischal Square.