First mooted more than two decades ago, the Jack Nicklaus signature course at the Ury Estate in Aberdeenshire is now expected to partially open next year, with full completion scheduled for 2027. The project is being progressed with a £17 million loan from digital bank OakNorth to support the next phase of the development.

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Spearheaded by Edinburgh-based property developer FM Group, work at the 1,600-acre country estate near Stonehaven has been delayed through the years by financial crises and red tape. The transformation plans include luxury housing at Jack Nicklaus Village, family accommodation at Glen Ury View, a retail site off the A597 Slug Road, and the golf course designed by the 18-time major championship winner.

“It always takes a while to create a great golf course, but I believe the Ury Estate course will be worth the wait and also worthy of Scotland and its global reputation for exceptional golf,” Mr Nicklaus said during a recent visit. “I am enormously pleased with the design of the course and believe it will be enjoyed by golfers for many generations.”

Ury House and the surrounding grounds were sold to FM Group’s predecessor, FM Developments, in 2002. The golf project was originally scheduled for completion in 2009 but work came to a halt in the wake of the 2008 banking crisis, putting FM Developments into administration.

The plans were resurrected with proposals for a first tranche of housing granted approval by Aberdeenshire Council in 2014, with the go-ahead for the golf course coming in 2016.

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Commenting on this latest funding deal the founder of FM Group, Jonathan Milne, said he was very pleased to be working with OakNorth on this “remarkable project”.

“We are delighted to have worked with Mr Nicklaus over many years in developing the golf course and believe we will create a very special environment for people to enjoy for generations to come,” he continued. “I would especially like to thank the Stonehaven community and Aberdeenshire Council for their continued support as we bring the vision for Ury Estate to life.”

Fraser McPhail, senior director of debt finance at OakNorth, added: “Ury Estate is an iconic project that embodies the spirit of Scottish heritage and ambition. Our funding will help accelerate its transformation into a premier resort and residential community.”