Following the £250 million Aberdeen City Deal announcement, which will see the UK and Scottish governments jointly invest in the area, Derren McRae, managing director of leading property consultancy CBRE in Aberdeen, commented:
“CBRE welcomes the announcements made today by the Prime Minister and the First Minister.
“City Deals have been an established part of the economic development agenda for cities in England for some time and projects emerging from the Glasgow and Clyde Valley City Deal suggest that such interventions can create a future platform for new development and investment from both private and public sectors.
“But the City Deal is not a quick fix for short term issues; what it will do is release much needed investment into physical and digital infrastructure, and that in turn will allow the private sector to see a better long term future for new investment.
“As a single package of interventions, it is also important not to expect the City Deal to address all challenges, rather it is a significant part of a wider menu of actions which will collectively be needed to allow Aberdeen and the North East to transition into the next phase of positive economic growth.”
The £250 million deal is set to fund infrastructure improvements, help the gas and oil industry, fund an energy innovation centre and the expansion of Aberdeen harbour.