For the first time, two major Scottish companies have announced a new joint £7.3 million residential development for Edinburgh.

Applecross and Premier Property Group have got together for the first time to deliver the 23,035 square feet landmark development.

Early construction work on the project is already underway at the Craighall gardens in the Trinity area of Edinburgh. It is hoped the properties will go on sale in February 2008.

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Colin Cumberland, Managing Director of Applecross, said: "Applecross and PPG have been working in similar areas for a while and we embarked on some exploratory discussions late last year. We're now in a position to be working more closely with them on a number of developments and this one I hope will be the first of many."

Jestyn Davies, director of PPG, commented: "This joint venture offers us a further opportunity to diversify into the residential sector. We look forward to benefiting from Applecross’s proven house building expertise and exploring further opportunities with them."

Applecross reported a 74 per cent increase in profit to £7.134 million in the year ended April 2007 after doubling its turnover to £47.015 million.

(DW/JM)