A £500,000 scheme to help building owners and new or potential tenants to regenerate buildings on Union Street was launched by Aberdeen City Council today.
Eligible property owners or new and prospective tenants of vacant premises on the historic street are to be targeted to apply for the Union Street Empty Shops Grant Scheme.
The fund offers grant awards of up to 50% of project costs towards eligible physical works required for internal reconfiguration of vacant shops to enable reoccupation by new businesses and tenants.
The core objectives of the Union Street Empty Shops Grant Scheme, which was approved today at Finance and Resources Committee, are to:
- Reduce the number of vacant shops on Union Street through supporting eligible physical works required for internal reconfiguration for new uses - be that retail, cultural, hospitality or office space;
- Leverage private investment in vacant shops on Union Street to bring them back into use;
- Support new business start-ups and entrepreneurs and create new employment opportunities through enabling the provision of suitable premises on Union Street.
Council Co-Leader Councillor Christian Allard said: “Union Street is very important for Aberdeen’s economy as well as being the historic beating heart of the city so it is good we can offer this help to property owners or new and prospective tenants of vacant premises.
“We would encourage eligible businesses to look into the grant scheme and see how it can improve Union Street as their part of ensuring the area can thrive.”
Council Co-Leader Councillor Ian Yuill said: “The City Council is in committed to investing in Union Street. That will play a key part in making our city centre a more attractive place to live, work, and visit.
“I’m pleased the Empty Shops Grants Scheme was launched today. I look forward to hearing progress in the coming months.”
The scheme, which is part of the council’s Union Street Empty Shops Action Plan, was welcomed by the Our Union Street project.
Derrick Thomson, of the Our Union Street project, said: This grant scheme is a vital part of making empty retail units more commercially attractive. Property owners also need to set rents and any rent-free periods very competitively to attract new tenants.”
All grants awarded from the fund must be paid out be the end of the 2024/25 financial year and therefore early applications are strongly encouraged.
Grant awards from this fund will offer up to 50% of project costs for eligible physical works and reconfiguration with a maximum award amount of £35,000 per premises. Remaining project costs should be met by the applicant and/or private investment or sourced from alternative public funds.
This fund will support project costs for eligible internal physical works and reconfiguration of ground floor vacant Union Street units to enable reoccupation, new commercial activity and support new employment opportunities.
Funding can be spent on capital investment costs only. Revenue or operating costs are not eligible. External works and improvements and residential conversions are not eligible project costs under the Union Street Reconfiguration Fund.
Consents required could include Planning Permission, Listed building Consent and Building Warrant Approval and any relevant consents and any other legislative requirements must be sought prior to commencement of works as a condition of the grant agreement.
More information and grant applications can be made at https://www.aberdeencity.gov.uk/services/services-business/empty-shops-grant-scheme or more information via the email address unionstreet@aberdeencity.gov.uk.