Plans for landmark Edinburgh development backed by property investor

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.

New Ingliston’s directors include Alastair Salvesen of the family that built the Christian Salvesen whaling and shipping empire and fund management grandee Sir Brian Ivory.

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 former Rangers owner Sir David Murray, whose Murray Estates venture 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.

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.

Details of the investment made by Drum in NIL have not been disclosed. It will take on the management of NIL and future development activity. 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 recognised 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.

Mr Bone established Drum Property group in 2004 after serving as a partner in an Aberdeen law firm.