Stewart Milne loses controversial land deal appeal
Aberdeen housebuilder Stewart Milne has lost an appeal at the Supreme Court in London over a controversial land deal.
The Stewart Milne Group paid Aberdeen City Council more than £350,000 for the plot in Westhill in 2004.
The council was entitled to receive a share of profits if it was sold on.
The authority argued the plot was hugely undervalued when it was resold in 2006 for almost £500,000. The Court of Session later ruled that it had a market value of more than £5.5m.
The Stewart Milne Group was ordered by Scottish judges to pay the local authority £1.7m.Independent valuation
The group appealed against that ruling, but the Supreme Court has now ruled in favour of the council.
A spokesman for Aberdeen City Council said: "We are delighted with this judgment by the Supreme Court judges and we will be giving it due consideration."
Glenn Allison, group managing director of the Stewart Milne Group, said: "Stewart Milne Group accepts the ruling of the Supreme Court which has determined the criteria on which a land valuation can now be made by an independent expert.
"We now hope that the council will work with us speedily to go to an independent valuation so that we can bring this matter to a close."