The Press and Journal (Aberdeen and Aberdeenshire)
Business parks’ new owner sets target of £100m over 10 years
The new owner of Aberdeen Energy and Innovation Parks is targeting income of more than £100 million in the next 10 years.
The two parks in Bridge of Don have just been acquired by AM Sci Tech, a subsidiary of Manchester-based Hurstwood Holdings.
They are home to firms including Keenan Recycling, Prospect 13 and ICR, as well as business organisations Aberdeen and Grampian Chamber of Commerce and Elevator.
The acquisition value was undisclosed.
But they were put on the market in late 2022 with a combined guide price of £15m.
They were owned by commercial property investor Moorfield Group.
Hurstwood hailed the acquisition as “one of the most significant property deals in Aberdeen in the last decade”.
Stephen Ashworth, group chairman and chief executive, said: “We now have control of these two extremely important sites for the city of Aberdeen – the energy capital of Europe.
“The UK must become more independent for its energy supply in the coming years, and Aberdeen plays an extremely important part in this journey.
“We are very excited about the future potential and prospects and extremely pleased to be playing our part in this as a UK-wide property company.”
The two parks comprise more than 13 buildings, ground leases, a diverse community of 120 occupier tenants and, according to the new owner, “a vast 100 acres of untapped development potential”.
Both parks feature a wide array of traditional industrial and multi-let office buildings as well as laboratories, primarily tailored to support science, oil, gas and related businesses.
Hurstwood said it had cemented its position as “one of the most prominent property owners in Aberdeen”.
The acquisition secured the jobs of the sites’ management team, associated services and contracts.
Management will be overseen by the team in Aberdeen and Hurstwood Asset Management, which is based at Hurstwood’s head office in Manchester.
Mr Ashworth added: “The parks have significant potential to improve its current income profile, which we believe could exceed £100m in the next 10 years.”