A property firm aims to breathe fresh life into plans for a landmark development by Edinburgh airport after buying into the company that has been working on the project for years.
Drum Property has acquired a stake in New Ingliston Limited (NIL) which is chaired by renowned oil and gas entrepreneur and former Scotland rugby international Sir Bill Gammell.
Directors of NIL include Alastair Salvesen of the family that built the Christian Salvesen shipping and whaling empire and fund management grandee Sir Brian Ivory.
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The company owns the bulk of the land that has been earmarked for a new International Business Gateway area.
It has held out the prospect that this will form a vibrant new city sector, which will include offices, shops, leisure and education facilities.
New Ingliston and partners won planning permission for a proposed £500 million first phase. However, the Scottish Government called the application in in September 2019 amid concerns about the potential impact on traffic in the area.
The move was criticised by the Murray Estates venture owned by former Rangers owner Sir David Murray, which backed the proposed development.
Drum Property Group’s decision to invest in NIL signals confidence in the prospects for the commercial and residential property markets in the Edinburgh area.
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Some property sector watchers fear demand for office developments may never recover from the impact of the lockdowns that were imposed to slow the spread of the coronavirus.
However, Drum managing director Graeme Bone said the company looked forward to building momentum and advancing its vision for what could be a transformational development for west Edinburgh.
He added: “This is a once-in-a generation opportunity for Drum to deliver a development site that has the potential to play a fundamental role in Scotland’s economic recovery and ongoing development for decades to come.”
Details of the investment made by Drum in NIL have not been disclosed.
Drum said it would take on the management of NIL and future development activity on behalf of the company’s board.
Mr Bone has joined the NIL board, along with property industry veterans Alan Robertson and Eric Young.
NIL bought around 240 acres of mainly agricultural land in 1988. On the company’s website it says the purchase reflected the recognition of the strategic importance and potential of the land beside Edinburgh airport.
Companies House records show that shareholders in NIL include members of the Salvesen, Gammell and Ivory families and related trusts.
Sir Bill founded Cairn Energy, which made bumper finds in India under his leadership.
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His father, James (Jimmy) Gammell, helped grow Edinburgh-based Ivory & Sime into one of the UK’s leading fund managers.
Mr Bone established Drum Property group in 2004 after serving as a partner in an Aberdeen law firm. The group has led developments across the UK. It has offices in Aberdeen, Glasgow, Edinburgh and London.
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