Stewart Milne is to build thousands of new homes across Scotland after striking a £225milliion finance deal with the Bank of Scotland – creating work for hundreds of joiners.
Having survived what has been a hugely damaging recession for the construction sector, the Westhill-based group says it is now ready to grow and build 5,000 properties in the next five years.
The firm said the Scottish Government’s new shared equity Help to Buy scheme was stimulating an increase in the supply of new homes.
The company is planning to open 12 new developments in the next year in Scotland and England.
They include the redevelopment of the old Cornhill Hospital in Aberdeen, Den View in Kingwells, The Gardens development at Crathes, The Avenue and Causey Wells in Portlethen, and Dee View in Drumoak.
Bank of Scotland is stepping up its financial support for the sector, delivering improved credit facilities to housebuilders, like Stewart Milne Group, to help increase supply.
Mark Prentice, area director for Bank of Scotland, said: “We know that the property sector has seen a turbulent few years.
“However, it seems that Scotland’s housebuilding sector is now responding to positive signs in the housing market and a notable shift in optimism for growth.
“There is also a strong and ever increasing demand for quality and affordable housing across the country and with Stewart Milne Groups base, they are well positioned to deliver that growth.
“With an upbeat housing market encouraging confidence to return and the Scottish Government’s new shared equity scheme supporting a range of house hunters, it’s encouraging to see that our clients throughout Scotland in the housebuilding sector are continuing to invest significant sums in transforming local communities and helping to boost the economy.”
Established in 1975, Stewart Milne Group has a current annual turnover of around £211million with over 800 employees.
Commenting on Stewart Milne Group’s development plans, Glenn Allison, group managing director, Stewart Milne Group, said: “We’re delighted to continue our strong working relationship with Bank of Scotland.
“As an independent and growing business, we value their support over the many years we’ve worked together.”