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.