Aberdeen investment tracker: £30 BILLION boom predicted

Business leaders say the north-east is poised for its biggest investment spree since the oil boom 50 years ago.

Huge sums are being ploughed into projects across the region, with vast sums due to be injected over the next decade.

Experts from Aberdeen and Grampian Chamber of Commerce have calculated a total spend of about £30 billion.

This, they say, will be the biggest wave of capital spending “since the oil boom of the 1970s and 1980s”.

A bustling Union Street in the oil-rich Aberdeen of the 1970s. Image: BBC ALBA/Midas Media Much of this comes from the renewable energy schemes hoped to help the economy bounce back from the downturn.

And it comes amid plans to base Great British Energy, the UK’s new state-owned firm, in Aberdeen.

But the full scale of this investment covers everything from ancient castles being upgraded to new Aldi supermarkets, and from major city centre regeneration ploys to repairs at historic bridges.

What are the big-spending projects detailed in north-east investment tracker?

Much of the expected spend is to come from renewable energy schemes – with £130 million to be splashed on the new Energy Transition Zone at Torry and along the coast south of Aberdeen.

More than £1 billion is being spent on the Acorn Carbon Capture and Storage site at Peterhead, while the MarramWind offshore turbine scheme will cost £3.5bn.

The nearby Aberdeen Hydrogen Hub accounts for £40m.

A design image of BP Aberdeen Hydrogen Energy Limited's production hub (bottom left) and the planned solar farm on the former Ness landfill site (top right). Image: BP — A design image of BP Aberdeen Hydrogen Energy Limited’s production hub (bottom left) and the planned solar farm on the former Ness landfill site (top right). Image: BP

Meanwhile, the Aberdeen Rapid Transit system is expected to get going in the years ahead.

This would bring a fleet of specialised vehicles, similar to normal buses but much larger, to the streets along with stops and other infrastructure.

It will cost an estimated £250m.

And the expansion of Fraserburgh Harbour to accommodate more offshore wind infrastructure will cost £278m.

What major projects are taking shape in Aberdeen city centre?

The various Aberdeen city centre and beach works being carried out also account for a huge chunk of change.

The Queen Street redevelopment project is tipped to cost £150m, while ongoing work along Union Street comes in at £37m.

There is a massive £58m pricetag attached to the plans to create a futuristic new playpark and ampitheatre down at the seafront.

Early work is under way on the new parks at the Beach Boulevard. Image: Aberdeen City Council

This will include the demolition of the beloved Beach Leisure Centre, though wider plans for the masterplan remain in doubt – including a potential replacement Dons stadium.

And the new food and drink market, which we recently revealed will be known as Flint, is going to cost £40m.

Design image of the Aberdeen Market with a poster of the new name. — New design images show the city centre market with fresh posters bearing the new branding of the venue. Image: McGinty’s Group/Supplied

What else are developers spending millions on in the north-east?

The tracker covers a wide gamut of investment, with the recent upgrades to various buildings also listed.

A £6.25m package of spending by Aldi is factored in, covering the popular new store at Macduff and upgrades to the Cornhill shop in Aberdeen.

Aldi Macduff opened to much fanfare last year, and the Aberdeen investment tracker reflects the cash injection. Image: Aldi.

The Peterhead Cultural Quarter project represents £18m of spend, while £10m of improvements are planned at Fraserburgh Beach.

Junction improvement works worth £24m are listed at Laurencekirk, while an optimistic £3bn is factored in for A96 dualling between Aberdeen and Inverness…

Banff bridge upgrades are expected to cost £2.5m, the Linnorie business park at Huntly will be worth £5m and McDonald’s will spend £4m on a new Ellon diner.

The Aberdeen investment tracker also takes into account upgrades to historic landmarks in the surrounding area.

Heritage bosses poured £750,000 into work at Craigievar Castle in recent years.

There was a major conservation project to protect and futureproof the famous pink exterior of Craigievar Castle in Aberdeenshire. Image: Kami Thomson/DC Thomson

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‘Investment tracker proves you shouldn’t underestimate Aberdeen’

Russell Borthwick, the chief executive of Aberdeen and Grampian Chamber of Commerce, said the tracker shows off the “breathtaking pace of change” in the area.

He added: “Aberdeen remains one of the UK’s top regions for foreign direct investment and economic output per capita.

“As we look ahead, our vision is clear: to cement north-east Scotland as a powerhouse for energy transition, innovation, and growth.”

Russell Borthwick. Image: Kami Thomson/DC Thomson

His organisation launched these trackers back in 2016 to monitor the economic growth of the area.

The projected spend comes following major projects like the £750m AWPR, the £420m South Harbour and improvements at Aberdeen Art Gallery and Union Terrace Gardens.

You can view the investment tracker here.

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