Perth building company Stephen sold more than £4 million of property at a £2 billion Aberdeenshire new town development in just three days.
The family firm said it had been overwhelmed by the response to the release of the first batch of homes at the Chapelton of Elsick development on the outskirts of Aberdeen.
The company – which has been in business since 1935 and which has its headquarters at Stephen House in Perth’s Edinburgh Road – is one of three homebuilders involved in construction of the initial 256-home phase of the new town.
The development is eventually expected to expand to more than 8,000 homes over 2,000 acres of farmland between Stonehaven and the Granite City.
Stephen said it had sold a total of 13 properties – a mix of three, four and five-bedroom homes in a variety of house styles – within hours of their release.
The firm’s first phase development at Chapelton will eventually run to a total of 80 homes collectively valued at around £25 million.
Stephen – which moved back into profit last year after a challenging period as it battled against the recessionary downturn which hit the construction market – eventually hopes to develop over 1,300 new homes at the site.
“We are delighted with this early success and staggered by the demand and sense of anticipation which we saw at first-hand at the Chapelton event,” director John Stephen said.
“Visitors were really excited about the vision for this new town and the range of quality properties on offer, and were particularly impressed with the obvious investment to the entrance and landscaping of the site, which looks superb.
“We very much look forward to seeing the development take shape, and being part of this thriving new sustainable community with its own busy high street, schools, healthcare facilities and lots of green space on 2,000 acres of farmland.”
Over the course of the opening weekend, a total of 21 homes out of the 50 immediately available from Stephen and the two other developers AJC Homes and ZeroC were sold.
Chapelton of Elsick is the largest new town build project in Scotland for a generation and its construction is being managed by Angus peer Lord Southesk, the son of the Duke of Fife.
Elsick Development Company’s masterplan for the site includes the creation of seven distinct neighbourhoods serviced by a host of with new shops, schools, restaurants, pubs and healthcare facilities.
Work began on the development last October with local firm WM Donald picking up a £8m contract to develop the infrastructure required to service a scheme of its size.
Lord Southesk, director of EDC, said he was delighted with the response to the first Chapelton homes going on sale.
“We are thrilled to have received such a marvellous response,” he said.
“We were delighted by the number of positive comments and enquiries and I look forward to welcoming many more over the coming months.”