Muse Developments is set to start building work on its £107M Marischal Square development in Aberdeen city centre early next year after the city council granted full approval to the project.
The scheme is expected to create 300 jobs during the two year construction phase and once completed will transform the former St. Nicholas House site to deliver a new mixed use quarter for the city.
It will consist of 175,000 sq ft of Grade ‘A’ office space, a 126 bed Residence Inn by Marriott, top quality bar and restaurant space as well as a greater prominence for the 469 year old Provost Skene’s House. The project is thought to have the potential to support or create 1,500 jobs in the area once fully occupied.
Muse Developments regional director for Scotland Stephen Turner welcomed the council’s decision to approve the scheme.
He said: “The Marischal Square development will provide a vibrant new mixed-use area for the city centre which will help deliver a positive long term impact on the local economy and provide the people of Aberdeen with a space of which they can be proud.”
Aberdeen City Council deputy leader Councillor Marie Boulton said: “Marischal Square is one of the key projects in the 'better image for Aberdeen' strand of the Council’s Strategic Infrastructure Plan. It’s great news to see these proposals moving forward into the delivery stage as we continue the work on the City Centre Masterplan.”
A funding agreement with Aviva Investors will see Aberdeen City Council lease the development and receive the rental profits for 35 years, after which time the site and development will transfer into Aberdeen City Council ownership.
Aviva Investors head of realm funds Julian Taylor said: “With funding already in place, the council decision means that development activity can move forward at pace and we are excited about the potential the project has for the future of one of the key business destinations in the UK.