Aberdeen-based housebuilder, Kirkwood Homes, plans to acquire six new sites in 2017 as it expands its operations to Inverness, the Highlands and Dundee.
After doubling its credit facility to £20 million with Bank of Scotland, the family-owned business will use the funding to develop the new sites, which have a combined value of £77million. Kirkwood Homes plans to build more than 300 residential properties on the sites in response to increasing demand for high quality homes in the regions.
Kirkwood Homes is one of the longest established property developers in the North East, and has an annual turnover of £41.6million. The business is known for constructing large, detached homes with a premium specification.
This venture will see the company expand its product offering and target the mainstream market with two, three and four bedroomed properties, aimed at first time buyers and those looking to move up the property ladder.
The development of the sites will create 40 jobs in Inverness and 80 jobs in Dundee. Construction has already commenced on two sites at Slackbuie and Essich Road in Inverness which will deliver 75 housing units over the next two years.
Colin Crombie, managing director at Kirkwood Homes commented, “There’s a strong demand for quality homes in good locations and we’ve been careful to invest in sites with great potential. I’ve no doubt these new developments will be popular with buyers looking for homes finished to a premium standard.
“The funding has taken the company to the next level, allowing us to increase our total number of sites to 14. We have ambitious plans in the North and 2017 will see a 20% year on year growth on our number of housing units constructed.
“We have been planning this next phase over the last two years and we’re pleased to see it coming to fruition with support from Bank of Scotland.”
Graham Fiddes, Mid Markets relationship director for Bank of Scotland said: “The North of Scotland housing market is growing in confidence and we are proud to support Kirkwood Homes make its development plans a reality.”
“When the business approached us to back its expansion plans, we immediately recognised that diversifying out of Aberdeen was the natural next step for the company. Bank of Scotland is committed to helping business prosper and the house building sector is vital to the Scottish economy, therefore, we are delighted to be delivering the support the sector needs.”