It’s only natural capital
Sport is now just one reason for owning a Scottish estate, finds Rupert Bates, with carbon-offsetting a motivation for many. It’s a Rum business…
DEMAND for land for natural capital and rewilding, alongside sport, is boosting the market for Scottish estates, but one island landmark is crying out for a careful new owner with an appreciation of history, an eye for sympathetic restoration, commercial integrity and community legacy.
Rural property consultancy Galbraith has seen different buying motivations for Scottish estates in recent years. “The interesting change is there is now a range of buyers with a variety of interests and no longer are the buyers just interested in the more traditional sports of grouse shooting, stalking, fishing and low-ground shooting,” says Emma Chalmers of Galbraith.
“The sales of Glenlochay Estate in Stirlingshire and Auchavan Estate in Angus both prompted a number of natural capital buyers to come forward alongside those who were primarily interested in traditional pursuits. However, the sale of Kinrara Estate earlier this year saw the majority of potential buyers with interests in woodland creation and natural capital above all else.”
Chalmers says that purchasers include corporations, institutions and investment houses, as well as private individuals with “a variety of motivations and interests”.
“However, we are seeing, with the accelerating understanding of climate change, growing desire to offset carbon usage, both personally and by business – the need to be more visibly green or indeed by some to meet their net-zero targets. The traditional estate, together with the hill and stock farms, are attracting increased interest from this new natural capital purchaser.
“Some buyers look to plant welldesigned productive forests; others native woodlands or a diverse mixture of both, with the newer peatland restoration also now coming into the mix. However, natural capital isn’t meaning the ceasing of the traditional sports as there are many buyers who look to retain some or all of the sport whilst introducing or expanding natural capital elements.”
Galbraith is now seeing demand from buyers motivated by woodland creation, habitat restoration and traditional sports, together with other opportunities with the potential to generate an income, such as installing a hydro scheme, wind turbines or by creating a distillery, holiday lets or a wedding venue.
Meanwhile, the motivation for buying Kinloch Castle on the island of Rum, off Scotland’s west coast, is likely to be somewhat different. The sales literature from Naturescot is compelling, talking of ‘a rare chance to create a long-lasting legacy from this imposing hunting lodge; to bring it back to life so that it can play its part in supporting the island and its community’. It is in disrepair and at risk of demolition unless Naturescot and the Isle of Rum Community Trust can find a ‘benevolent owner’.
The castle, which has been in public ownership for more than 60 years, now sits neglected and unused but still furnished in a Victorian timewarp, with carpets and curtains, hunting trophies and portrait paintings – and even a dental surgery. There is a pulling teeth analogy there, but somebody needs to put a smile back on Kinloch Castle’s face. If you can find a carbon-offset angle, you might be quid’s in – or it may prove a Rum deal.