UK land and property developer Miller Developments and financing and real estate group William Pears Group have acquired the former HQ of the British Army in Scotland.
The William Pears Group will focus on refurbishing the 78 former Ministry of Defence houses on the site. Miller Developments, on the other hand, will handle the redevelopment of the remaining 96 acres of land.
The Craigiehall Barracks are situated on the northwestern outskirts of Edinburgh, close to the upscale residential neighborhoods of Cammo, Cramond, and Dalmeny.
Planning and development consultancy Montagu Evans marketed the property on behalf of the Defence Infrastructure Organisation (DIO), attracting multiple bids.
The property includes several historically significant buildings, such as the Category A-listed Craigiehall House (along with its walled garden and stable block) and the Category B-listed former Anti-Aircraft Operations Room.
Ben Brough, head of Savills Development Team in Scotland said: ‘The combination of this attractive and historical property, and its exceptional setting on the banks of the River Almond, makes it a very special opportunity indeed. Nearby existing residential enclaves are in high demand from those who wish to be in easy reach of the city centre, yet close to the airport and to Scotland’s rail and motorway network, including the new Queensferry Crossing across the Firth of Forth.’
Adrian Owen, partner at Montagu Evans, commented: ‘This disposal forms part of a wider strategy for releasing surplus defence estate assets to maximise value for the public purse and ensure a strong focus on social value. The site is very well-located for new development, and we are pleased to have secured agreement for its future economic use following a strong bidding process.’
David Milloy, managing director of Miller Developments, added: ‘Opportunities of this quality do not come along very often. We are therefore very pleased to have been successful in buying the barrack site with a view to securing consent for future development within this high quality site.’
Savills advised both Miller Developments and William Pears Group.
