Knight Property Group has announced plans which are to breathe new life into a historic landmark building on Union Street, with an investment totalling £30 million.
The listed building, formerly the Capitol Theatre, dates back to 1933 and is set to be restored and refurbished over a 14 month period to create prime, city centre office space covering approximately 70,000 square feet.
The building, which is being redeveloped on a speculative basis, will be the largest city centre new build office scheme currently under construction and will feature high specification office space to accommodate hundreds of personnel.
Knight Property Group is consulting with Aberdeen City Council and Historic Scotland to establish the areas which form part of the original art deco features within the building to be retained and restored.
As part of the redevelopment plans, Knight Property Group plan to install an escalator to link the art deco front of house with a new glass tower. The exterior of the building will be restored, paying specific attention to the front of the building and restoration of the former canopy.
James Barrack, director of Knight Property Group said,
“This is a significant development for us and it will see one of Aberdeen’s most historic and iconic buildings restored to its former glory. This will assist in the much needed regeneration of Union Street and in turn, bring further benefits for local retailers and suppliers in the surrounding areas.
“City centre office space continues to be in high demand so we expect this development to be a popular location for companies based and working within Aberdeen. The flexibility of the space means that it can be tailored to accommodate individual business requirements, from 5,000 sq ft up to 70,000 sq ft.
“The Capitol is an iconic building and unfortunately for the last few years it has been empty and in decline. We are working closely with Aberdeen City Council and Historic Scotland to retain some of the internal features and characteristics of its art deco roots.”
Susan Bree, chief executive of business organisation Aberdeen Inspired, believes a vibrant Union Street is crucial to the future of the city centre.
“We are keen to see the regeneration of vacant property units and sites within the Business Improvement District, and Union Street is at the heart of that. The Capitol is an iconic building and part of the heritage of Aberdeen and we welcome Knight Property Group’s plans for its redevelopment.
“City centres are evolving and a redevelopment of this nature and significance is central to that process and we are keen to work with developers to assist with and identify further opportunities. There is a shortage of office space within the city centre and catering for that is important, but the benefits of creating additional office accommodation stretch far beyond that.
“One of Aberdeen Inspired’s key aims is to generate footfall within the district by making it an attractive destination for leisure, shopping and work – the innovative use of the space available is a vital part of that and this exciting development will most certainly breathe much needed life, activity and vibrancy into Union Street.”