ABERDEEN and Aberdeenshire operate a unique market within the UK with a prominent focus on energy production, creating ongoing employment opportunities which in-turn lead to greater demand for housing and commercial property, compared to elsewhere across the country where markets are currently flatlining.

While Aberdeen is not immune to economic issues, of course, it has been argued that it is an area of the UK which could potentially buck the economic recession as the city was reported to be “largely unaffected” by the financial crisis in 2008 and experienced a boom period in the years that followed buoyed by high sustained oil prices.

Market competition at present sees housebuilders struggling with the market being so hot with activity that developers either have a confident finger on the pulse or are being priced out of the central belt entirely. The purchase of both land and property for development is increasing in demand and we are seeing smaller or more niche development opportunities being considered by developers to keep a foothold.

Housebuilders are seeing greater demand for family homes, despite the current economic worries, as families continue to rebase their needs post-pandemic, however, rising construction costs and labour supply are having an impact on property prices with buyers stretching savings to their maximum.

The Commercial investment market is following a similar trend of exciting activity and it begs the question, will Aberdeen be counter cyclical once again?

Graham + Sibbald’s Aberdeen Commercial Team led by Director, Chris Ion, have recently brought to the market a unique development site in Stonehaven which extends to 0.53 acres is situated approximately 80 metres from Stonehaven Harbour. This popular costal town is in an idyllic location with a population of around 11,150 and was named as one of the ‘five most beautiful towns in Scotland’ in 2018.

At a guide price of £250,000 exclusive of VAT, the proposed development site is located within the settlement boundary and would constitute an infill site in terms of policy P3 (Infill and householder developments within settlements – including home and work proposals) of the adopted local development plan. The site sits within Stonehaven Conservation Area.

They are also marketing a prime Aberdeen west end development opportunity, Richmondhill House, which comprises a detached granite building and former nursery. A hidden gem, with a total site area extending to 0.55 acres, the subjects boast an impressive Grade C Listed building built in the mid-19th century. Arranged over three stories and a basement, the property has kept many original period features.

Priced at £800,000 exclusive of VAT for the heritable interest, the site is situated within an area zoned for Residential (Policy H1) with a recommendation to interested parties to submit an enquiry with the Aberdeen City Council direct to find out more.

Chris Ion commented; “We are pleased to be marketing these two quite unique development opportunities which are located within a local economy which has the potential to ride out the next period of economic uncertainty better than most.”