Aberdeen City Council has agreed to set up a city development company into which it will transfer publicly-owned assets for redevelopment.

Last night, councillors on the enterprise, planning and infrastructure committee voted in favour of the project to create a development company called One Aberdeen, despite concerns from members of the Scottish Parliament and local politicians that it would lead to a privatisation of assets.

The company will aim to raise private sector money through joint venturing. Ultimately it could lead to the regeneration of up to 14 of the council’s sites when it is established next year.

It is the first time a Scottish local authority has agreed to set up a development company of this kind.

The company, which will have a majority of private sector developers on its board, could ultimately own and redevelop hundreds of millions of pounds worth of assets in Aberdeen.

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