Construction company Countesswells Development has filed for administration.
Owned by Stewart Milne Group, it oversees the development of land at the new Countesswells community located to the West of Aberdeen.
Ultimately intended to extend to 3,100 homes over 400 acres, Countesswells is a community of private residential developments, affordable homes, schools, retail, commercial and leisure facilities.
Around 900 affordable and private properties and several commercial properties and community facilities have been built, or are under construction, by a variety of residential, commercial and public sector operators.
Work started in October on a £17m primary school and nursery, due for completion in 2023.
“Countesswells undoubtedly suffered from the seismic downturn in the oil and gas industry which began in 2015, with local property prices dropping by 30%,” read a statement from the company.
“Furthermore, the disruption caused by the pandemic has undoubtedly taken its toll.
“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.”
Tom MacLennan, joint administrator and partner with FRP, said: “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.”
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