Mon, 29 Nov 2021 | ADMINISTRATION
Countesswells Development Limited (CDL), a company behind the Countesswells new town near Aberdeen, has been placed into administration. CDL, a wholly-owned subsidiary of Stewart Milne Group, was overseeing the development of the £800 million project.
FRP Advisory partners Tom MacLennan, Iain Fraser and Chad Griffin have been appointed as joint administrators to the firm and will now seek to secure the future of the project and finalise the current construction.
Currently, approximately 900 premises are built or under construction. These include affordable and private homes, commercial properties and community-focused buildings. The development is being built by a range of commercial, residential and public sector firms according to a wider masterplan.
Ultimately, Countesswells was planned to encompass around 3,100 homes set across 400 acres, with affordable home developments, private residential builds, retail, leisure and commercial facilities and schools.
Joint administrator Tom MacLennan commented: “Our immediate priority will be to secure the site and finalise current construction, including completion of much-needed affordable housing projects. We will be reviewing the various land bank assets in line with the development plans and will work closely with the various stakeholders on the future development of the site.”
Speaking to Aberdeen’s The Press and Journal, a CDL spokesperson said: “We are extremely disappointed that CDL, set up to deliver Countesswells, one of the most visionary and environmentally pioneering new communities in the UK, has been placed into administration.”
“We firmly believe in the future of the project and will, of course, co-operate fully with the administrators to help ensure that the vision, which many people share for Countesswells, is realised. In the meantime, all existing construction work on the affordable homes at Countesswells will continue, and these homes will be completed and ready to move into as planned.”
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