The development, which received detailed planning permission at the end of 2015, will include a 12,500 capacity performance venue, extensive covered exhibition halls, a four-star 200 bed hotel to be operated under the Hilton Hotels brand together with an energy centre and 2,500 parking spaces.
This initial phase of the scheme will provide more than 800,000 sq ft of space and includes a development agreement for another 150 bed hotel, to be operated under the Aloft brand, which has also been exchanged, conditional upon the grant of detailed planning permission, expected later this year.
The scheme is being carried out by Henry Boot PLC, and its property development arm, Henry Boot Developments.
Robertson Construction Group Ltd, the main contractor, has commenced work on site and development completion is expected in the first half of 2019.
Henry Boot Developments Limited has also secured planning permission for a further 400,000 sq ft of business park space.
Chairman of Henry Boot PLC, commented: "We are delighted to have been selected by the Aberdeen City Council to develop the city's new exhibition and conference centre, four-star hotel and energy centre. This is a landmark agreement for Henry Boot Developments with development expected to be completed in 2019.
“It is very pleasing to see the larger commercial development schemes we have been preparing for some time now finally on site.
“We remain mindful of the challenges facing our industry after the result of the EU Referendum, taking into consideration this current market backdrop, we maintain a cautious outlook and as such the Board's expectations remain unchanged."
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