Knight Property Group is pushing ahead with investment in the north-east with the £5million development of Kingshill Commercial Park in Westhill, Aberdeenshire.
Construction of the first two units is creating work for 100 local sub-contractors and suppliers over nine months in a boost for the embattled local economy, the Aberdeen-based property firm said yesterday.
Managing director James Barrack added: “It’s important that we continue to spend money within the Aberdeen area and support local businesses.
“Despite the challenging market we have faced there are, thankfully, signs of improved confidence in and around the city.
“Aberdeen is our home and has been good to us over the years, so it’s important to show confidence in the area.”
He added: “Our continued investment in the north-east is testament to our beliefs that Aberdeen will recover from the difficulties we have faced over the past 18 months.”
The Westhill development attracted substantial interest in the second quarter of last year, with the signing of three long-term leases.
Yesterday, Dan Smith, leasing agent and director at Savills, said: “Current interest in the park highlights that there is a need for high quality new industrial units within Westhill.”
Kingshill Commercial Park and two neighbouring sites, Kingshill Park and Prospect Park, also owned and developed by Knight, are home to tenants ranging from oil and gas specialists to housebuilders and serviced office provider BlueSky Business Space.
Knight has recently been building its portfolio in the central belt to compensate for a weaker property market amid the oil and gas downturn in Aberdeen.
Last year, it completed the refurbishment of two Edinburgh city centre properties, No2 Castle Terrace and 110 George Street, after an investment worth about £10million.
The firm also invested £12million in acquiring Edinburgh House in the capital’s St Andrew Square.
