The multi-million pound deal for Pinewood and Hazledene was agreed between the council and the developer Dandara Limited, on behalf of the Common Good Fund and Robert Gordon's College.
The Common Good Fund's share of the deal is in the region of £30m, which will be used for investment to ensure the long-term viability of the Fund for the benefit of local residents.
Planning consent for 350 residential units is already in place for the sites, which extend to a total of 27 hectares. The site, which is adjacent to Countesswells Road and Robert Gordon's College playing fields, is bounded by existing private housing, Hazlehead Park, and Ben Reid's Nursery and Garden Centre.
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The Hazledene site extends to approximately 16.53 hectares and was previously used for horticultural purposes. There are plans in principle for up to 200 properties to be constructed, while the Pinewood site is 10.53 hectares and was also used for horticultural purposes. Planning permission for up to 150 dwellings has been secured in principle.
Council Leader Barney Crockett said: "This is really good news for Aberdeen. Pinewood and Hazledene have attracted a significant amount of interest from developers over the years and I am delighted that we have concluded a deal to sell these valuable pieces of land and secure a good return for the Common Good Fund.
"Aberdeen remains an extremely busy, lively city, which is seeing continued strong business growth and investment. As a result, the demand for housing remains high and the 350 homes which will be created on these sought-after sites will go some way towards meeting that demand."
(JP/CD)
