Drum Property Group has commenced construction at their Prime Four business park development at Kingswells, four miles west of Aberdeen city centre, after securing a £52m debt package from Barclays.
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Designed by Halliday Fraser Munro Phase 1 works will entail construction of four office pavilions, each of which has been pre-let to an energy firm, and are scheduled to complete by autumn 2013.
A later phase will include a four star hotel, leisure club, retail and additional office space.
Built on farmland adjacent to the planned western peripheral route, each pavilion is principally clad in granite and glass.
Jamie Grant, Barclays’ head of property and project finance in Scotland, said: “This is a substantial property transaction, not only in the Aberdeen property market but also the wider Scottish economy.
“It will result in a world class oil and energy business hub that Aberdeen can be proud of. Barclays’.