A closing date has been set for offers for the Countesswells development in Aberdeen after a “upturn” in the local economy.
The site was put up for sale in May this year after the company leading it collapsed.
Shepherd Chartered Surveyors was appointed to find a new owner for the scheme – which includes plans for thousands of homes, as well as shops and schools – after Countesswells Development Limited (CDL) foundered in the wake of the oil and gas downturn and the Covid-19 pandemic.
Now following months of marketing the company said with the “residential market improving” and “good levels of interest” a decision has been made to invite offers.
Market showing signs of improving
Aberdeen-based Shepherd managing partner Chris Grinyer said: “The sites we are selling undoubtedly represent a significant opportunity for a prospective purchaser.
“Countesswells is a rapidly developing area which benefits from a quality location with excellent communications and access to a range of services.
“Significant infrastructure and landscaping together with public realm have been introduced, so the development is well advanced.
“The residential market is improving, as might be expected given the upturn in the local economy, with increasing levels of house sales being reported.
“We have had good levels of interest in the opportunity and consequently a decision has been made to invite proposals from parties.”
Development hit by difficulties
CDL, set up to manage the development, was a subsidiary of the Stewart Milne Group (SMG).
It had been estimated that the value of the development once complete could be worth around £800 million.
The project was originally the vision of housebuilding tycoon and former Aberdeen FC chairman Stewart Milne who earlier this year revealed plans to retire and sell his housebuilding empire.
The development was one of the largest and most ambitious to have been undertaken in Aberdeen in the area for many for several years when it was hit by recent unprecedented difficulties.
Plans for whole new community
Available for buyers is the opportunity to complete the build-out of an entirely new community just to the west of the city earmarked for more than 3,100 homes, two schools, shops and other commercial property.
Plans comprise commercial and employment land within the development, including retail areas alongside an existing neighbourhood shopping centre anchored by a 4,000 sq ft Sainsbury’s.
The benefits being marketed includes good access to the city centre, Westhill and Kingswells, easy reach to the Aberdeen Western Peripheral Route (AWPR) surrounded by large areas of green space and surrounding woods.
A closing date of October 14 has been set for offers.
All you need to know about the collapse of the company behind the Countesswells development.
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