Plans to spend tens of millions of pounds on the creation of a six-star luxury resort at Taymouth Castle in Perthshire appear to be back on track after a major asset management company opened negotiations with Perth and Kinross Council.
Following many years of controversy and several false dawns it is claimed the purchase of the 450-acre estate could be completed within “a couple of months.”
The Meteor Property Fund, managed by Meteor Asset Management, has “opened discussions” with the local authority regarding detailed planning proposals for the estate.
Meteor’s development manager Martin Mortimer told The Courier that fund officials are in “advanced negotiations” with administrators KPMG regarding purchase of the site, and it is understood these discussions could be concluded by the end of the year.
The planned £74 million development of the site into a luxury resort foundered when previous owners Taymouth Group Ltd went into administration in April.
Work began in 2005 to transform the A-listed castle into a six-star 150-room hotel with lodges, health spa, tennis courts, equestrian centre and golf course.
However, after replacing hundreds of windows and making the building watertight, the developers ran into difficulties. Since then, the estate’s future had been unclear and news of talks between KPMG and Meteor represented the first glimmer of hope.
It would seem discussions so far have been productive, with Meteor saying it planned to implement “the majority” of the previously approved scheme.
Meteor envisages this will include important restoration works to the historic castle as well as the creation of the new hotel and leisure facilities.
However, a spokesman said the company also hopes to make “various improvements” to the previous plans. Officials say this would help to ensure the project could be delivered in the current economic climate.
It is these amendments understood to relate to the spa and real estate elements of the plans, as well as the inclusion of improvements to the existing James Braid-designed golf course that are the subject of current negotiations with the council.
Mr Mortimer was extremely upbeat on Thursday night, even claiming his company was ready to start work on the estate.
“We are in advanced discussions with KPMG regarding the purchase of Taymouth Castle Estate, and need to discuss our plans with the council,” he said. “These include some changes to the previous scheme, which will make this important project viable.
“If the purchase is concluded and our discussions with the council successful, we are ready to start work as soon as possible.”
Although it is too early to speculate on final numbers, it is thought the project could create hundreds of jobs.
When contacted by The Courier, a spokesman for Perth and Kinross Council confirmed there had been “initial contact” with Meteor Asset Management’s agents concerning the future of Taymouth Castle.