THE family investment firm of former Rangers owner Sir David Murray has revealed it moved back into profit in 2017, as it highlighted its hopes of beginning work on its £450 million Garden District project near Edinburgh early next year.

Murray Capital Group, which has investments in land, steel and wine, made a pre-tax profit of £360,000 in the year to December 31, compared with a near-£1m loss the year before. Its profit after tax and minority interests was £1.1m, against a £57,000 loss last time.

The 2017 results were boosted by a £1.2m gain from the sale of land at Torrance Park in Motherwell to Avant Homes, which plans to build 45 houses on the plot. Murray had previously sold land at Torrance Park to Taylor Wimpey.

The gain was offset by losses at the group’s Murray Estates division, which has been investing heavily in its Garden District and International Business Gateway property developments in Edinburgh.

Ministers called in the Garden District plans, which would include the development of 1,350 homes in a new Redheughs Village near Gogarburn, two years ago following objections from neighbours Royal Bank of Scotland and SASA (Scottish Agricultural Science Agency). However, it is understood those objections have now been withdrawn following talks with the Murray group.

David Murray junior, managing director of Murray Capital Group, said: “We are waiting for the reporter to give his report to the Scottish housing minister any day now. We would hope to get a decision at some point in 2018.”

He added: “If we got a green light this side of Christmas, we would look to try and kick things off in spring, early summer of 2019. But, again, it is all dependent on the planning process and when that comes through.”

The company meanwhile is putting the final touches to its International Business Gateway proposals next to Edinburgh Airport. Mr Murray expects the plans, which include a 500-bedroom hotel, 200 apartments and 400,000 square foot of offices in a 230-acres site, will be submitted to the City of Edinburgh Council “imminently”. Murray is one of three developers in an area of land which has been zoned for a business park.

Mr Murray said the latest accounts for Murray Capital show 2017 was a “pretty solid year”, with profit, turnover and shareholder funds – which grew £48m from £46.9m - increasing.

Its turnover grew by five per cent to £73.4m. This was driven by an increase in revenue at its steel holding business, Murray Metals, on the back of higher global steel prices in the last 12 months. Mr Murray said the oil and gas industry remains “subdued”, with the benefit of the recent crude price rise yet to feed through to the supply chain. However, this been offset by better sales to the manufacturing, engineering and construction sectors.

He said the company was not presently concerned about the prospect of a global trade war between the US and countries such as China, noting that Murray currently has no exposure to the US. But he said. “We remain vigilant, because it is a global commodity market [where] there could be ramifications for stock holders and people like ourselves.”

On Brexit, he said the main challenge so far has been from the increase in the cost of imported goods from Europe as a result of sterling’s decline since the UK voted to leave the European Union two years ago. Asked if the company has a desired outcome from the Brexit talks, Mr Murray said. “Not really. Whatever happens we will continue to trade with Europe and the rest of the world.”

Murray Capital Group has been the main focus for Sir David since Murray International Holdings was wound up in 2015 with debts in the region of £200m. Sir David owns 51% of the shares in Murray Capital. Sons David and Keith hold the balance.