The shadow of the independence referendum and controversy over the V&A has caused investors to “sit on the fence” over new projects in Scotland, an Angus businessman behind a £60 million golf complex has claimed.
Mike and Gail Forbes opened the highly-rated Forbes of Kingennie resort in 2005 and applied to Angus Council for permission to build the luxurydevelopment, to be named The Angus, five years ago.
But the entrepreneur, as a partner of Kingennie-based AGM Forbes, has been forced to ask for a five-year extension as the project has “struggled to get the correct investment partner over the line”.
Two years is needed to secure apartner and a further three years to settle planning.
Mr Forbes told The Courier he is “absolutely confident” that dialogue with parties will lead to the development becoming concrete in the medium to long term, with 300 jobs in the pipeline.
But a “turbulent political period” and uncertainty over the V&A have seen investors from countries such asGermany, the US and China unable to commit “100%” as Mr Forbes would like.
He said he is confident of securing a partner in two years for the project to include a championship course designed by European Ryder Cup captainDarren Clarke but will not settle for anything but total commitment to the scheme.
However, investors have seen a “quicker turnaround” and reduction of risk in buying and selling existing five-star hotels, rather than new projects.
Three of Scotland’s five-star hotels St Andrews Bay, Turnberry andGleneagles have come on to the market.
“We have been faced with a turbulent political period with a recent referendum followed by a UK general election which has forced investors to ‘sit on the fence’ until they see clarity in the future of Scotland,” Mr Forbes said.
“The V&A, which is seen as part of attracting visitors to use the proposed high-end hotel, has in fact been surrounded in controversy regarding its build-cost and ultimately its build-time and opening period.
“Financial investment as a whole worldwide has still not quite recovered from the shadows of the international financial collapse in 2008.”
As part of the plans, Clarke’s championship-standard course would sit alongside a five-star hotel, golf academy, and 160 houses.
Mr Forbes has been “exceptionally proactive” in looking for investment, including taking part in a Chinese TV documentary which was watched by27 million people.
Planning permission in principle was granted in February 2012, with further variation in 2013 and 2014.
Due to the substantial size of the section 42 application, determination is likely to be undertaken at Angus Council’s development standards committee, although a date has yet to be confirmed.