The Mains of Cowie scheme, to the north of the Aberdeenshire town, would have included a school, petrol station and community facilities.

The developer launched the proposals for the 84-acre site last year.

However, the land was not allocated in Aberdeenshire Council’s local development plan and council officers voted against the development.

Stewart Milne has previously said its proposals would create 177 construction and 180 retail jobs and generate an annual spend of £7.36 million in the town.

It is understood there are no plans to resubmit the application in the near future.

A spokeswoman for the developer said: “Following the outcome of the Kincardine and Mearns area committee meeting, and in view of some responses to the consultation process still outstanding, we are withdrawing this application for the time being.”

Those who opposed the proposal had argued the development could hinder progress on the flood prevention measures being carried out in the town, as well as piling further pressure on schools and existing facilities.