Housebuilder Milestone Developments has struck a deal to complete a partially finished Stewart Milne development in Aberdeen.
Stewart Milne Group went into administration in January, leaving several incomplete projects.
One of these sites was Charleston, near Cove. The collapse led workers and subcontractors to down tools with several homes incomplete.
Milestone Developments, owned by husband and wife team Stuart and Nicola Jackson, has now made a deal to finish the development with administrators Teneo.
Milestone Developments boss on Aberdeen deal
The deal is to complete 22 homes at the development.
Milestone Developments has also acquired another unfinished Stewart Milne site, Monarch’s Rise in Arbroath with 62 homes to be finished there.
Stuart said: “We’ve been talking about it for a while to push across the north-east and the central belt.
“When the opportunity came up we bid for several of the Stewart Milne sites and we got two of them.
“It’s part of our plan to organically grow.”
Encouraging signs in construction sector
Milestone Developments, which is based in Ayrshire and founded in 2012, started work on-site around four weeks ago.
Stuart said: “Since starting work the feedback has been very positive.
“We’ve managed to retain a lot of the contractors that were there and we’ve got former Stewart Milne site managers working with us.
“There’s about 16 guys on each site.
“We’ve had some homeowners say they are delighted to see us on site and there’s activity again as it’s been sitting for eight months with nothing going on.
“It’s all been positive.
“It did take us a while to get the deal done with administrators.
“Now we’ve got ourselves in a position where we’ve established ourselves in the north-east the next step will be to progress that.
“We are already looking for other opportunities.”
Stewart Milne administration
Teneo, the administrators of Stewart Milne Group, said it would not comment on sales of individual sites.
However, a spokesperson confirmed that all eight sites that were part-complete have now been sold.
The most recent progress report by Teneo reveals that hundreds of ordinary creditors owed more than £33 million will not receive a penny back.
Bank of Scotland, which held security over the company’s land and assets, was due around £108m when the company collapsed. HMRC is due another £1.7m.
The Westhill company, founded by Stewart Milne in 1975, had 329 employees when it failed in January.
In the first six months of the administration, Teneo has charged £6m in fees.
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