The first phase of the project would create 16 small business units, while the second phase focuses on “build-to-suit” opportunities, The Press and Journal reports.

The plans have been submitted by London-based property investor Faro Capital and the project is being marketed by CBRE. They hope to begin work this year.

Neal Harvey, vice-president of investments at Faro, said: “After four years of no success Faro identified the opportunity to redevelop the site into a business park of units of various sizes – Altens Gate.”

Amy Tyler, senior surveyor in the Aberdeen office of CBRE, added: “It is positive to see continued investment in the Aberdeen industrial market. The site will be further enhanced with the opening of the new harbour later in the year which will give Altens a boost.

“Altens Industrial Estate remains one of the premier industrial locations in the city and over the past five years has accounted for over a fifth of industrial transactions in the market.

“With the emergence of new business parks at Kingswells and Westhill there has been a transition, with a number of notable office occupiers leaving Altens.

“The upside to this is that it has created opportunities for developers to repurpose sites, and those like Altens Gate are better served as industrial locations.”