Milestone Developments takes over two sites, aiming to revitalize local housing market.
Topics covered
Milestone Developments steps in to finish housing projects
In a significant move for the housing sector in Aberdeen, Milestone Developments has successfully negotiated a deal to complete a partially finished development originally initiated by Stewart Milne Group. This acquisition comes in the wake of Stewart Milne Group’s administration in January, which left numerous housing projects across Scotland in limbo.
The Charleston site, located near Cove, is one of the key projects that Milestone will now oversee, aiming to complete 22 homes that have been left unfinished for several months.
Reviving the local construction industry
Founded in 2012 and based in Ayrshire, Milestone Developments is led by the husband-and-wife team of Stuart and Nicola Jackson.
Their recent acquisition not only includes the Charleston site but also another unfinished project known as Monarch’s Rise in Arbroath, which involves the completion of 62 homes. Stuart Jackson expressed enthusiasm about the opportunity, stating, “We’ve been talking about it for a while to push across the north-east and the central belt.” The company has already begun work on-site, with positive feedback from both contractors and potential homeowners.
Challenges and opportunities in the housing market
The administration of Stewart Milne Group has left a significant impact on the local housing market, with hundreds of ordinary creditors owed over £33 million. The Bank of Scotland, which held security over the company’s assets, was expecting around £108 million when the company collapsed. Despite these challenges, Milestone Developments is optimistic about its role in revitalizing the area. Stuart noted that retaining many of the original contractors and site managers has been crucial in maintaining continuity and quality on the projects. “There’s about 16 guys on each site,” he added, highlighting the importance of local expertise in the completion of these homes.
Looking ahead: Future developments
As Milestone Developments establishes its presence in the north-east, the company is already on the lookout for additional opportunities to expand its portfolio. With the successful acquisition of two Stewart Milne sites, the Jacksons are keen to continue their growth strategy in the region. The positive reception from the community and the swift progress on-site have laid a solid foundation for future projects. “It’s all been positive,” Stuart remarked, emphasizing the community’s eagerness to see construction activity resume after months of inactivity.
Leave a Reply