ABERDEEN City Council’s Common Good Fund is set for a £30 million boost following the sale of a prime residential development site in the city’s west end, it was revealed today.
The multi-million pound deal for Pinewood and Hazledene was struck between developer Dandara Limited and land-owners Aberdeen City Council, on behalf of the Common Good Fund, and Robert Gordon’s College.
A city council spokeswoman said: “The Common Good Fund’s share of the deal is in the region of £30million, which will be used for investment to ensure the long-term viability of the fund for the benefit of the citizens of Aberdeen “
Councillor Barney Crockett, the leader of the council, said: “This is really good news for Aberdeen. Pinewood and Hazledene have attracted a significant amount of interest from developers over the years and I am delighted that we have concluded a deal to sell these valuable pieces of land and secure a good return for the Common Good Fund.”
He added: “Aberdeen remains an extremely busy, lively city, which is seeing continued strong business growth and investment. As a result, the demand for housing remains high and the 350 homes which will be created on these sought-after sites will go some way towards meeting that demand.”
Gavin Wyley, the managing director of Dandara in Aberdeen, said the development of Hazelwood, the new community to be created on the site, would deliver much needed residential property to the city. He continued: “”We are very pleased to conclude the purchase of the site, and look forward to creating a vibrant, high-standard new housing community. The deal gives a significant boost to Aberdeen’s Common Good Fund, which does so much good work for the city and its residents.
“This is another major development for the housing market in Aberdeen, which has stayed strong throughout the challenges seen elsewhere in the UK, and we have no doubt there will be significant demand for properties at Hazelwood.”
The site is adjacent to Countesswells Road and Robert Gordon’s College playing fields. Aberdeen’s Common Good Fund, believed to be one of the richest in Scotland, was originally established under a charter by Robert the Bruce in 1319 with a grant of 320 Scots merks. The hero of Bannockburn also issued a Royal Charter, granting the city fathers the rights to one of his favourite hunting grounds, the Forest of Stocket.