Established in 1970

Over 55 Years of
Property Investment
& Development

Thistle Property Group is a privately owned property investment and development company focused on long-term value creation across Scotland and the UK. With a reputation for strategic investment, responsible asset management and high-quality developments, Thistle Property Group’s portfolio spans commercial, residential, hospitality and industrial assets, ensuring resilience and sustainable growth. 

Multiple factory new, off-white color building with small, decorative black wrought iron balconies on the facade.

About

A Legacy of Growth & Investment

Founded by Derek Stephen, Thistle Property Group started with a small portfolio of rental properties in Edinburgh, directly managed by Derek and his team. 

In the 1980s, the company shifted its focus to commercial property, completing key developments across the city, many of which remain within the Thistle Property Group portfolio. During this period, Thistle also pioneered one of Edinburgh’s first serviced apartment blocks, launching Royal Garden Apartments on Queen Street, a move that led to further diversification. 

In the 2000s, Thistle delivered its largest residential project to date, transforming a brownfield site in southeast Edinburgh into 234 modern apartments. Following this, the company expanded across Scotland and the UK, investing in major developments and strengthening its presence in the Edinburgh city centre. 

Today, Thistle Property Group remains privately owned and managed with interests spanning residential developments, high street and out-of-town retail, office, hospitality, industrial, and serviced apartments. Through direct ownership and joint ventures, Thistle continues to unlock value in challenging market conditions, leveraging the team’s combined 150+ years of experience in development and investment. 

55+ Years of Experience

With over five decades in property, Thistle has successfully navigated evolving market trends, economic cycles, and industry shifts. Their deep expertise enables them to unlock value in complex markets while ensuring sustainable, high-performing assets.

Diverse Portfolio

Thistle Property Groups portfolio reflects their commitment to sector diversity and balanced investment strategies, spanning office, residential, retail, hospitality, leisure and industrial assets. This multi-sector approach enhances resilience, ensuring long-term value creation. 

Privately Owned

As a privately held business, Thistle Property Group makes investment decisions with agility and long-term vision, free from external pressures. Thistles focus on stewardship, stability and reinvestment ensures sustainable growth and strategic asset management. 

Team

Expertise That
Drives Success

The team at Thistle brings decades of experience across investment, asset management, development, and finance, ensuring strategic decision-making and sustainable growth. 

  • An older man with gray hair, wearing a black blazer over a pink striped shirt, smiling against a plain off-white background.

    Derek Stephen

    Chairman

  • A smiling man with a bald head and beard, wearing a dark sweater and light collared shirt, against a plain light background.

    David Maxwell

    Managing Director

  • A woman with long brown hair wearing a white button-up shirt, gold jewelry, and smiling.

    Suzanne Pettit

    Asset Managment

  • A smiling man with a bald head, wearing a dark collared shirt, standing against a plain light background.

    Marcel Borzecki

    Construction Management

  • A woman with red hair, wearing a black collared shirt, smiling against a plain light background.

    Karen Kerlin

    Operational Property

  • A smiling woman in a blue and white striped button-up shirt with blonde hair styled in a layered cut against a plain, light-colored background.

    Victoria Gibson

    Creative Project Management 

Partners

Building Success Together

Thistle Property Group collaborates with leading investors, architects, contractors and industry specialists to bring ambitious projects to life. Through strong partnerships, they ensure every development is executed with precision, innovation, and sustainability. 

Thistle’s shared commitment to quality, responsible asset management and long-term value creation allows us to deliver projects that stand the test of time. 

Thistle Property Group is a privately owned investment and development company with over 55 years of experience across residential, commercial, and industrial sectors. Thistle focuses on long-term value creation, responsible asset management, and strategic investments across Scotland and the UK.

Two people looking at a computer screen displaying a detailed floor plan or architectural layout of a building.