Scotland’s commercial property market has been a little uncertain of late, with the upcoming independence referendum leading many investors to hold out until the future of the country has been established. Fortunately, there are many more who are keen to invest in the tourism and leisure market in particular, with a consortium of businessmen this week gaining planning permission for a hotel and leisure complex located within the heart of Scotland.
The consortium, led by Monaco based property magnate Carl Henry, will invest £350 million into creating the luxury development on the 500 acre located six miles from Biggar in South Lanarkshire.
During the first phase of development works, a 240 bedroom resort hotel will be constructed, along with an 18 hole championship golf course designed in partnership with golfer Sandy Lyle.
In addition, the consortium has gained planning permission for a phased development of a further 250 accommodation units, which will be in the form of chalet style villas. At present, it has not been revealed how many will be used commercially as several are intended for private residential use.
International sales are being handled by the Debutesq Group, and representative Alexandra Hayward believes this development could prove beneficial to Scotland regardless of the outcome of the referendum.
She says; “Scotland is crying out for a resort hotel with conference and leisure facilities on a grand scale.
“This development will help the country compete better internationally.”
Although at first glance this development appears to be a “golf hotel” popular in areas such as St Andrews, there are a number of alternative leisure offerings in the pipeline. The existing lakes and forests will prove ideal for fishing or mountain biking enthusiasts, for example, while the upcoming on-site equestrian centre will be capable of hosting events on a large scale.
As Edinburgh Airport is less than half an hour away from the Kereswell Estate, the consortium hopes that larger global companies will be drawn to the development when hosting corporate events. Although Scotland is a popular destination for functions of this kind, the limited choice in venues of this scope often means that the country is losing out on the revenue they generate.
Going forward, preparation works on the site are due to start early next year with the initial construction phase scheduled for September of 2015. This means that the hotel and golfing aspects of the development will open in 2017.
The consortium has not ruled out selling the completed development further down the line, according to the Debutesq Group, but is currently looking forward to “engaging with international hotel operators and resort developers.”
It continued; “The forthcoming referendum for Scottish independence is unlikely to make the country any less attractive regardless of the outcome.”
This £350 million investment has not only proven interest remains high for investors seeking a foothold in Scotland – it has demonstrated the strength of Scotland’s tourism industry at a time of political uncertainty.
