Investor unveils plans for new business park

SourceEnergy Voice

London-based property investor Faro Capital has unveiled plans for a new business park in Aberdeen. A first phase of the project would deliver the speculative development of 16 small business units ranging from 1,496sq ft up to 9,494sq ft. Proposals for a second phase are focused on new “build-to-suit” opportunities in an area covering 3.8 acres. The business park – to be called Altens Gate – is planned for the former site of Trafalgar House 1 and 2 – former offices of engineering and consultancy services giant Wood and energy firm Nexen, which is now part of Chinese-owned CNOOC International. Faro, whose other Granite City properties include Quattro House, on Wellington Circle and buildings at Aberdeen Innovation Park, acquired the 5.9-acre site earmarked for Altens Gate for £4 million in 2017. Efforts to relet or resell the 95,661sq ft of office accommodation that had lain vacant since Wood and Nexen moved out proved fruitless, despite substantial renovation work. Neal Harvey, vice-president of investments at Faro, said: “After four years of no success Faro identified the opportunity to redevelop the site into a business park of units of various sizes – Altens Gate.” He added the opportunity to create a “contemporary” new home for businesses in the heart more...