A new development of 10 luxury homes is taking shape in Ythsie, near Ellon.
It follows a £1.65 million cash injection for housebuilder Churchill Homes.
The site will feature a mix of bungalows and one-and-a-half storey detached units, with an average price of £500,000.
Two of the plush new South Ythsie homes have already been reserved “off plan” – before completion. London-listed investment trust Develop North, which has pumped in the £1.6m, says it highlights likely strong demand for “this exclusive housing development”.
‘Tranquil and welcoming new hamlet community’
The “Cairn Collection” is the second project for Churchill at Ythsie. It is across the road from eight homes that were built and sold by the Aberdeen-based company a few years ago.
Churchill managing director Gordon Pirie said: “We are pleased to have secured this funding from Develop North. It will contribute to transforming our vision at South Ythsie into a tranquil and welcoming new hamlet community in the beautiful Aberdeenshire countryside.”
Develop North, which is managed by Newcastle-based financial services firm Tier One Capital, lends cash to property developers across Scotland and the north of England.
Since it was founded in 2017, Develop North has provided funding to support the construction of 33 residential and commercial projects across north-east England and Scotland.
These projects are said to have a combined value of £70.3m and an estimated gross development value of £184m. Development North said they were contributing “significantly” to local economic growth.
Tier One fund manager Brendan O’Grady said: “Churchill Homes has built a reputation for the development of extremely high-quality homes. We are looking forward to supporting Gordon and his team with the development of the Cairn Collection.
“This project, and our exits from two recently completed schemes (in Glasgow and Morpeth), are part of our commitment to providing a viable and bespoke alternative lending platform for developers.”
This supports the creation of new homes and commercial premises that encourage economic growth and prosperity across Scotland and the north of England, he added.
The Cairn Collection Homes were designed in house by chartered architect Aimee Pirie.
