Crown Estate Scotland has bought a north-east former RAF training airfield.
The Scottish Government corporation purchased the 123-acre Zero Four site near Montrose, Angus for £3.7m.
Historically, the site was the first operational RAF training airfield in the UK, with the Zero Four name emanating from the original runway call sign 04 22.
The site has planning permission for a Mixed Use business park, with outline proposals including industrial units, offices, food retail/services, a heli-drone port and hotel, leisure and conference facilities.
They have invested this money in a bid to create more renewable energy in Scotland.
The site is considered to have strong potential for supporting the development of key sectors such as offshore renewables, as well as retail and hospitality.
It will also bring major benefits to the area around Montrose and help to kick start a green economic recovery in the region.
Earlier this year, Crown Estate Scotland announced its intention to invest £70m in support of coastal community regeneration, green energy and sustainable food production over the next three years.
Andy Wells, Director of Property for Crown Estate Scotland, said: “We’re very pleased to be able to make this announcement today, which we hope can deliver tangible benefits to the local community in the years to come.
“The site holds a great deal of potential and will allow us to build on the strong partnerships we already have in the marine energy and ports sectors.
“This would be good news at any time, but is especially welcome now as we look to kick-start economic recovery following the response to the COVID-19 pandemic, this offers a fantastic chance to bring major investment to Montrose and the wider north east region.”
Cabinet Secretary for the Environment, Climate Change and Land Reform, Roseanna Cunningham MSP, said: “The Scottish Government is committed to ending Scotland’s contribution to climate change and securing a sustainable future.
“Crown Estate Scotland’s purchase of the Montrose Zero Four project exemplifies that focus, marking a further major investment that will contribute to long term, sustainable economic development for generations to come and help support a green recovery from the Covid-19 pandemic.”
Angus Council Leader, David Fairweather said: “This is fantastic news for Montrose and a further ringing endorsement of the huge potential that Angus has through its flourishing role in clean growth through our Mercury Programme.
“Zero Four, Montrose is an exciting investment opportunity and could not come at a better time, given the pressures and uncertainty spread through the coronavirus pandemic.
“This crucial multi-million pound, sustainable development in Montrose will further enhance the role of the area and its people in the renewable energy, food production, hospitality and retail sectors and we look forward to working with Crown Estate Scotland and its partners to help deliver this exciting development.”
Crown Estate Scotland will now work with public and private sector partners to develop detailed plans.