Tom MacLennan and Chad Griffin, of FRP Advisory, and were appointed joint administrators of CDL, located to the West of Aberdeen, after it was placed in administration in late November 2021.

Ogilvie Homes will progress the Countesswells development, which was designed to create a major mixed-use community of around 3,000 private homes, affordable homes, schools, retail, commercial and leisure facilities.

Commenting on the acquisition, Julie Leece, land director of Ogilvie Homes, said: “We are delighted to have acquired this opportunity from the Joint Administrators and very much look forward to pushing ahead with the development.

“Countesswells is a significant new premium mixed-use development that is already proving to be a major asset to the North-East of Scotland.

“We look forward to working with current and new home owners, the local community and key stakeholders, developers, investors and suppliers on the next phases of the masterplan.”

Joint administrator Mr MacLennan added: “We are very pleased to have secured a sale of the land and assets to Ogilvie Homes and wish the new owners every success with their new venture.

“We would also like to thank residents, the local community and a wide range of stakeholders for their patience and support throughout which has allowed us to focus on managing the administration and ultimately securing a sale of the land and certain assets.”