Five of the properties, which range from 1,830 sq. ft. to 3,122 sq. ft. in size and are located at 1-8 Woodlands Road, have been sold to the owner occupiers and three have been let to tenants. The three let units are now being marketed by joint agents Knight Frank and Graham + Sibbald as an investment opportunity.

Clowes Developments purchased the site from Aberdeen City Council in June 2023 and began work on an extensive refurbishment programme by the end of the year. The project reached practical completion during April 2024.

Significant carbon savings were made by reusing the existing building frames, which were improved with the application of modern materials and new cladding on the roofs and walls, new window systems, LED lighting, and infrastructure for electric vehicles. Each of the units has achieved an Energy Performance Certificate (EPC) rating of A.

Scott Hogan, head of Knight Frank’s industrial and logistics practice in Scotland, said: “The quality of the refurbishment works conducted on the units is one of the main contributors to the scheme’s success – particularly against a backdrop of relatively subdued enquiry levels for terraced stock. It is proof that, despite slowing market requirement levels for smaller, terraced units, there is still demand for the right product.

“The approach from Clowes to the project, along with the mixed disposal strategy, is a model that could work elsewhere, both in Aberdeen and across Scotland. While opportunities like this are quite rare, they may become more prevalent with build costs remaining stubbornly high.”

Chris Ion, partner at Graham + Sibbald, added: “The Woodlands Road project is a great success story of refurbishing and giving new life to outdated stock, which otherwise would have been ripe for demolition. The enhanced energy efficiencies, along with each unit’s yard accommodation, were very much a unique selling point – both of which occupiers, even for space below 5,000 sq. ft., are increasingly on the lookout for.”

Gordon Arthur, director at Clowes Developments, said: “We are pleased to see the successful regeneration of this site. All too often, the easiest option is to simply start again. Sometimes, that’s the right decision, however, on this occasion, we had the vision and expertise to be able to utilise what was already there and deliver a quality end product. We clearly hit the mark and met the needs of Aberdeen’s industrial unit occupiers.

“This year, Clowes has spent a considerable amount of time working on the group’s Environment, Social and Governance (ESG) Strategy. As a team, we are working towards building new units with ‘NetZero in occupation’ at the forefront of our minds. To complement this, we are analysing our existing portfolio of assets to improve EPC ratings and looking at opportunities to improve our carbon footprint as a business.”