Invest in Peterhead growing momentum

Smaller, more affordable properties a key focus for new initiative
Smaller, more affordable properties a key focus for new initiative

Demand for smaller, more affordable business units is shaping the focus of a new initiative aiming to “breathe new life” into Peterhead town centre.

Local business improvement group Rediscover Peterhead is currently working with Aberdeenshire Council and local property developers, owners and agents to launch the new ‘Invest in Peterhead’ strategy.

It has been running since April 2018 and is expected to be launched in June this year.

The BID team has been working with the local authority to create a marketing strategy to run until 2022 to attract investors to Peterhead.

The aim of the initiative is to fill vacant space and create a vision to attract new investors, developers and businesses to Peterhead to generate a “vibrant, diverse and upmarket town centre”.

Rediscover Peterhead chair John Pascoe said: “The North-east of Scotland is an area currently going through tremendous transformation, and investment.

“Invest in Peterhead will be at the forefront of that movement over the coming years.”

Although much of the ageing property stock remains vacant, Mr Pascoe says the Invest in Peterhead is working with developers to provide more suitable and modern offerings for potential tenants.

He said: “We have noticed a demand for smaller units with affordable rents and rateable values within the band for rates relief. So we are focusing efforts on making this a possibility for potential investors who will breathe new life into the town centre.

“The strategy will treat the whole of the various vacant properties effectively as one single property portfolio, most with development potential.”

The partnership is also looking into the potential of the Conservation Area Regeneration Scheme (CARS) which enjoyed success in the likes of Elgin.

Although discussion is in the early stages, the introduction of a CARS initiative could pave the way for substantial investment in the historic fabric of commercial buildings within the conservation area of Peterhead.