Mountgrange Real Estate Opportunity Fund (MoREOF) has today announced the sale of the first site at The Core in Aberdeen to HVAC & Refrigeration Engineering Ltd, making the company its first occupier.
HVAC & Refrigeration Engineering Ltd, which provides heating, ventilation, air conditioning and refrigeration solutions to the offshore oil and gas, onshore petrochemical and marine industries, has acquired the space on a design and build basis for its new headquarters.
The company, which recently announced an order book of £14m for the first half of the new financial year, expects to increase headcount to around 120 people when it moves to its new site at The Core.
HVAC’s site, extending to 1.83 acres, will comprise of a 15,000 sq ft workshop with 9,000 sq ft of offices, parking and yard space. Construction is expected to commence by late summer 2014 with HVAC & Refrigeration Engineering Ltd likely to relocate from its current site in Bridge of Don in early 2015.
Raymond Davidson, managing director of HVAC & Refrigeration Engineering Ltd, said: “When looking for a new site for our HQ building, we found The Core to be the clear winner. It offers important business benefits as well as providing a great setting for our staff to work. As a fast growing business having the right base to continue our development is vital. Our new site at The Core fits our business perfectly and will serve us well as we continue to grow.”
Nick Berry, Partner at Clearbell*, said: “It is great news that we’ve secured our first disposal at The Core for our first fund MoREOF. HVAC & Refrigeration Engineering Ltd is a very successful organisation in its field and I’m sure it’ll benefit from the first class facilities and very accessible location at The Core.”
The 100 acre development aims to be one of the most energy efficient, low carbon business communities in the UK. Located in a stunning coastal setting in the Bridge of Don, The Core will offer bespoke office, industrial, workshop, warehouse and leisure facilities, all of the highest quality and with environmental excellence as standard.
Infrastructure and enabling works at The Core, which included a new access road from the A90, a Sustainable Urban Drainage System and utility connections including gas, water and 5.5 megawatts of electricity to supply the first 30 acres, have now been completed.
The next milestone for Mountgrange and its development advisors, Generate Land, is to proceed with the platforming works for a number of sites, including HVAC & Refrigeration Engineering Ltd.
Shepherd Chartered Surveyors acted on behalf of HVAC & Refrigeration Engineering Ltd.