The funding will deliver 18 luxury homes at Jack Nicklaus Village and a further 71 much-needed family homes at Glen Ury View, marking a major step in the transformation of the historic estate into a world-class residential and leisure destination.

The loan will also enable progress on infrastructure works servicing the retail development and contribute to the ongoing construction of the Jack Nicklaus Signature golf course. The course is expected to attract both international buyers and the local community with some holes to open in 2026 and completion in 2027.

Located just north of Stonehaven, Ury Estate is a 1,600-acre countryside resort featuring a restored castle, luxury homes, and a Jack Nicklaus Signature golf course at its heart. Tucked away in the most rural of Scottish landscapes, yet only a short distance from major transport links between Aberdeen and Edinburgh, Ury offers residents the opportunity to enjoy country living at its finest, while remaining easily connected to key cities.

Jack Nicklaus, following a recent visit to Ury Estate, said: “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.

“I am enormously pleased with the design of the course and believe it will be enjoyed by golfers for many generations.”

Jonathon Milne, founder of FM Group, said: “We are very pleased to be working with OakNorth again on this remarkable project, assisting us in delivering key infrastructure and much-needed homes.

“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. 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, underpinned by the world-class Jack Nicklaus golf course and the Silver Boar emblem. We’re proud to play a part in this milestone development.”

The Ury Estate were advised by Kerr Potter of Bircroft Private, Scotland.