The multi-purpose building will include a competition standard six-lane pool, a small training pool, three-court sports hall, a gym and a fitness studio.
Local fundraising group FISSH (Fraserburgh area Initiative for Swimming, Sport and Health) is donating a 40m internal flume and other equipment.
The project is due for completion in December 2012.
The Fraserburgh contract comes on the back of a series of new contract wins in the northeast of Scotland for Stewart Milne totalling £11m in value.
Other awards include: a housing project in Inverurie, also for Aberdeenshire Council, with 22 timber frame properties; refurbishment works for Aberdeen College to accommodate the relocation of the Music and Performing Arts Department; and a 20-bed extension for Unite’s Spring Garden student accommodation campus in Aberdeen city centre.
Stewart Milne Construction managing director Bill Imlach said: “In what is a very competitive market, it is vital to maintain a regular flow of new business and these contract wins are fantastic for the company. Our reputation and presence in the northeast of Scotland has always been important to us and we will be working closely with all of our clients to ensure the projects are delivered successfully and to the highest standard.”