The fund is made to address the high refurbishment costs that can stop older industrial properties from being upgraded. 

Delivered by ETZ Ltd and funded by Scottish Enterprise, the scheme will provide funding solutions of up to £500,000 per project, covering 30% of eligible costs. 

The fund is designed to unlock more private investment and bring business-ready premises back into productive use, through addressing the viability gap associated with refurbishing older industrial properties.

The fund forms part of the wider strategic partnership declared by ETZ and Scottish Enterprise earlier in 2026, which intends to facilitate more business-ready industrial space, help companies to grow and diversify into energy transition markets, and boost the North East’s proposition to mobile investors. This builds on a 2024 ETZ pilot.

Improvements to building performance, low carbon energy and heating systems, landscaping, accessibility and wellbeing measures, energy audits and carbon assessments are among the eligible work for this new round. 

Projects must involve current industrial property with the potential to help businesses operating in, or supplying, energy transition markets. 

Economic impact, private investment, occupier demand and carbon performance are among the factors applications will be assessed on. The fund will prioritise deliverable projects that can return vacant or underused floorspace to productive use, attract new or growing occupiers, support jobs and enable companies to diversify into energy transition markets. 

The 2024 round saw £1.56m awarded to seven projects in Altens and East Tullos, unlocking a total investment of over £5.3m, including almost £4m from the private sector, across projects. 

The recipients included AJT Engineering, where the funding provided a new renewables division and fresh recruitment, and Air Liquide, whose project supported expansion into low carbon markets and associated employment opportunities.

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.”

Young added: “This £2.5m fund will support projects across Aberdeen and Aberdeenshire.

“We want to hear from applicants with strong, deliverable proposals that can revitalise industrial property and help grow the region’s energy transition supply chain.”

Clare Alexander, director, boosting capital investment at Scottish Enterprise, said: “Through our strategic partnership with ETZ, we are strengthening the North East’s proposition to investors and helping turn the region’s energy transition opportunity into long-term economic impact.”

The fund is currently open for applications, with initial proposals anticipated to be reviewed before the end of 2026 and funding available across 2027/2028. 

Property owners and businesses have been encouraged to engage early.

Full guidance and application materials are available on ETZ Ltd’s website. Completed applications should be sent to propertyfund@etzltd.com.