Preston property developer signs pioneering partnership

Preston-based Places for People has signed a pioneering partnership with Aberdeen City Council which will create 2,000 new homes in the city with the potential to build a further 1,000 properties.

The landmark £300m Limited Liability Partnership (LLP) model is the first of its kind to be signed in Scotland and will see homes built across Aberdeen without any Government subsidy or grant funding.

Places for People, one of the largest property, leisure management, development and regeneration companies in the UK, has recently been appointed to a number of high-profile schemes including the creation of 1,500 homes on the Queen Elizabeth Olympic Park and the construction of 1,150 new homes at Icknield Port Loop in Birmingham.

The deal will deliver 1,000 new affordable homes for rent, 1,000 new homes for private sale and the potential to create 1,000 further properties.

David Cowans, group chief executive at Places for People, said: “This deal is transformational. Creating 1,000 new affordable homes for rent will help to transform Aberdeen and the lives of key workers such as nurses and teachers.

“In order to tackle the housing shortage in Scotland and the rest of the UK, public and private sector organisations need to explore new models and new ways of working together.