Scotland tycoon pledges £50m for Aberdeen city centre

Scotland’s second richest man has pledged £50m to create a new heart in Aberdeen’s centre.

Oil tycoon Sir Ian Wood, head of Wood Group, wants to create a new city square that would be a combination of an Italian piazza and a mini-Central Park.

He envisions the new square above the valley containing Union Terrace Gardens, the Denburn dual carriageway and the main Aberdeen-Inverness rail line.

A feasibility study into the project will take four months and a decision on the scheme is expected next December.

Wood told the Scotsman: “The goal is to give Aberdeen a vibrant new heart to reflect both the success of the region and its position as a leading northern European city.

“This development is of significant regional, national and international importance and will be a clear statement of Scotland’s ambition in the energy industry worldwide.

“And it will be very important in ensuring Aberdeen and Scotland secure our place as one of the major energy capitals of the eastern hemisphere, as North Sea activity winds down in 10 or 20 years time.”