Thistle Property was founded by Derek Stephen in 1968 with the renovation and letting of Edinburgh tenement flats. At this stage Derek was involved in a very hands on manner and the company quickly grew and built a portfolio of rental flats which were directly managed by Derek and his team.

In the early eighties the residential flats were sold and the company moved to focus on commercial development and investment and office developments were completed across the city, many of the buildings are still retained within the Thistle Property Group. At this time the company also opened and ran one of the cities first serviced apartment blocks at Royal Garden Apartments, Queen Street and this lead to further diversification within the group as it moved forward.

In the 2000’s Thistle moved on to its largest residential development, converting a brownfield site to the south east of the city into 254 modern apartments. After completing this development the company began investing in other property developments throughout the UK and expanding the work it does in Edinburgh city centre and throughout Scotland.

Moving forward Thistle has ongoing interests in residential developments, high street and out of town retail, office, licensed trade, hotel, serviced apartment and industrial sectors both on its own and through joint ventures with carefully selected like minded companies. Derek is still heavily involved in the day to day running of the business, adding almost 50 years of development and property experience, allowing Thistle to unlock value during difficult and challenging market conditions.


Derek Stephen

Derek founded the business in 1968 and has retained full control of the business since then. Over the course of almost 50 years he has been involved in all styles off development and construction projects as well extensive asset management programs. Further he has a strong understanding of the tax implications of property transactions and has extensive contacts and professional relationships within the industry.


David Maxwell

David started his career at a national housebuilder before moving to a national firm of chartered surveyors where he worked for six years with the professional and agency teams. In 2012 David joined Thistle and is responsible for the acquisition, funding, management and disposal of assets. He has an extensive experience in funding and the legal implications of property transactions and has set up and managed numerous successful joint ventures for the group.


Gillian Cowan

After a career working in the financial services Gillian joined Thistle in 2006 and deals with all aspects of the accounting and financial management for the group.


Marcel Borzecki

Marcel started working with the development and refurbishment industry in 1999 and after accumulating vast experience working across various project sizes joined Thistle in 2015. Within Thistle Marcel is responsible for the procurement and management of a diverse range of development projects and has a proven track record of successful project delivery within tight time and value constraints.


Suzanne Pettit

Suzanne is a chartered surveyor with over 12 years experience. After working within the management department of a national firm she joined Thistle in 2013 to work on the existing portfolio. Suzanne undertakes all aspects of the asset management process and is experienced in assembling teams of consultants to extract maximum portfolio performance. She is experienced in appraisal, costs control and financial reporting allowing the group to make sound financial decisions.