ETZ, Scottish Enterprise launch £2.5M fund to revive North-east industrial sites
What's the deal? ETZ Ltd and Scottish Enterprise have launched a £2.5 million Property Improvement Fund to modernise vacant and underused industrial premises across Aberdeen and Aberdeenshire. Delivered by ETZ and funded by Scottish Enterprise, it offers up to £500,000 per project, covering no more than 30% of eligible costs.
Why now? High refurbishment costs often stop older industrial buildings from being upgraded, limiting businesses' room to grow. By closing that viability gap, the fund aims to unlock more private investment and return business-ready space to use.
What's the endgame? The money targets the region's energy transition supply chain. Eligible work spans building performance, low carbon heating, accessibility, energy audits, and carbon assessments, with applications judged on economic impact, private investment, occupier demand, and carbon performance.
The fund extends a wider ETZ–Scottish Enterprise partnership announced this year, which envisages up to £20 million of Scottish Enterprise investment and aims to unlock up to £65 million for North-east manufacturing, innovation, and demonstration space by 2032.
Track record: It builds on a 2024 pilot that awarded £1.56 million to seven projects in Altens and East Tullos, unlocking more than £5.3 million in total investment — including nearly £4 million from the private sector — across projects expected to support up to 100 jobs. Recipients included AJT Engineering, which added a renewables division, and Air Liquide, which expanded into low carbon markets.
"The Property Improvement Fund has already shown what targeted investment can achieve," said Neil Young, deputy chief executive of ETZ Ltd. "This £2.5m fund will support projects across Aberdeen and Aberdeenshire."
Applications are open now, with initial proposals reviewed before the end of the year and funding available across 2027/2028.
The signal: The round is a targeted bet that demand can be turned into usable premises. Reported 2024 Aberdeen industrial take-up hit 768,000 sq ft — more than a third in the ETZ — while available space fell below two million sq ft. Its success will hinge on whether it again draws private capital and fills vacant floorspace.
Read more: aberdeenbusinessnews.co.uk
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