ETZ Ltd and Scottish Enterprise open £2.5m fund for North East industrial premises

ETZ Ltd and Scottish Enterprise have launched a £2.5m Property Improvement Fund to refurbish vacant and underused industrial premises across Aberdeen and Aberdeenshire, offering up to £500,000 per project.

The fund is delivered by ETZ Ltd and paid for by Scottish Enterprise, the two organisations said on 2 November. Grants will cover no more than 30% of eligible costs.

Scottish Enterprise said the scheme is aimed at the high refurbishment costs that can stop older industrial buildings being upgraded. ETZ Ltd's fund page says it targets refurbishment projects where commercial viability gaps exist.

Neil Young, Deputy Chief Executive of ETZ Ltd, said: "The Property Improvement Fund has already shown what targeted investment can achieve. It has helped bring long-vacant industrial buildings back into use, improve existing premises and create space for businesses to grow."

What qualifies

Eligible work includes improvements to building performance, low carbon energy and heating systems, landscaping, accessibility and wellbeing measures, energy audits and carbon assessments, according to the announcement.

Projects must involve existing industrial property with the potential to support businesses operating in, or supplying, energy transition markets. Applications will be judged on economic impact, private investment, occupier demand and carbon performance.

Clare Alexander, Director, Boosting Capital Investment at Scottish Enterprise, said: "This new fund will help bring more vacant and underused industrial property back into productive use, creating the business-ready premises companies need to invest, grow and diversify into energy transition markets."

The 2024 pilot

The new round builds on a pilot ETZ Ltd ran in 2024, which was limited to the Altens and East Tullos industrial estates in Aberdeen. That round awarded £1.56m to seven projects and unlocked more than £5.3m of total investment, including nearly £4m from the private sector, with the projects expected to support up to 100 jobs, Scottish Enterprise said.

Round	Grant funding
2024 pilot (Altens and East Tullos)	£1.56m
2026 fund (Aberdeen and Aberdeenshire)	£2.5m

The seven 2024 recipients were BB Minto Ltd, Aberdeen One Ltd / Ross Safety and Survival, AJT Engineering Ltd, Air Liquide Oil & Gas Services Ltd, Sinomine Speciality Fluids Ltd, EPIC ALVA 1 Ltd and West Coast Estates.

At AJT Engineering the grant helped set up a new renewables division and recruit staff, while Air Liquide's project supported expansion into low carbon markets, according to the announcement.

The wider partnership

The fund sits within the strategic partnership the two bodies announced earlier in 2026. A memorandum of understanding signed in March set out Scottish Enterprise's intention to invest up to £20m of capital in ETZ Ltd projects, with the aim of unlocking up to £65m of total investment in manufacturing, innovation and test and demonstration space by 2032.

The first project funded under that agreement was Scottish Enterprise's £2.8m investment in EnergyWorks, a £10m, 3,000 sq m facility in Aberdeen's Energy Transition Zone that the King opened on 22 September 2026. The Zone sits next to the £420m deepwater, non-tidal Aberdeen South harbour.

Scottish Enterprise said in September that ETZ Ltd's activity had unlocked £80m of investment in the four years since the company was created. ETZ Ltd, a not-for-profit, private sector-led company, is backed by the Scottish Government (£26m), the UK Government (£27m), the Wood Foundation and private sector funders. ETZ Ltd says its direct investment programme has attracted about £11m of organic private sector investment in the Zone.

What happens next

The fund is open for applications now. Scottish Enterprise said initial proposals are expected to be reviewed before the end of 2026, with funding available across 2027/2028. ETZ Ltd's fund page says the fund will remain open for applications through 2026 and 2027 and that applications can be submitted at any time.

Guidance and application materials are on ETZ Ltd's website, and completed applications should be sent to propertyfund@etzltd.com.