A Brexit-backing English businessman has snapped up a 14-bedroom country house in the west Highlands for a whopping £2.8 million.
Arisaig House was originally listed for sale for £2.25m in the summer of 2021.
Its sale was completed earlier this year after two previous bids for the property collapsed.
But each time a bid fell through, it was replaced by an even bigger one.
The frenzy underlined the buoyant housing market across Scotland in 2021 and 2022.
Who is the new owner?
Multi-millionaire financier Jeremy Hosking is the new owner of the property.
Mr Hosking has an extensive background in investment in private equity.
He is believed to be worth around £375m – being ranked number 351 in the Sunday Times Rich List in 2019.
A railway buff, he owns several steam and diesel locomotives.
Mr Hosking is also close to completing the sale of Kinloch Castle on Rum.
If successful, he intends to set up a trust to own and restore the historic castle.
His intentions with Arisaig House are less clear.
Patrick Barrow, a spokesman for Mr Hosking, told the Press and Journal he would occasionally stay in the property.
But that “wouldn’t be its prime purpose”.
He added: “It will obviously be well kept and maintained.
“Its final purpose and where it may or may not fit into a more integrated plan for a leisure business is yet to be decided.”
What else is included in the Arisaig House sale?
Along with the stunning main building itself, the estate also includes four other houses:
- A two-bedroom cottage
- Three-bedroom Fagus Lodge
- A four-bedroom bungalow
- Orchard House: a five bedroom house overlooking the walled garden
All in all, there are 38 bedrooms on the estate.
Its 18 acre plot also includes an all-weather tennis court and a private jetty with access to the sea.
The estate is located around 10 miles from Mallaig and has links back in history as far as the Jacobite Rebellion.
What does this tell us about the Highland housing market?
The market changed during lockdown.
Rural locations suddenly became a lot more appealing and according to the latest sales data, it appears we’re still catching up.
A total of 4,732 properties changed hands in the Highlands between July 2021 and July 2022 – the highest amount over a 12-month period since the crash of 2008.
The average price of a house has gone up by £28,000 in three years, and now sits at £214,000.
The cost-of-living crisis and rising interest rates may put a plug in the surging middle-range property market.
But high-end properties like Arisaig House continue to attract interest from foreign investors.
In fact, the weaker pound might mean they are now even more attractive to foreign buyers – particularly from the US.
Savills recently issued guidance to its American clients, advising them that was a “perfect time” to invest in the UK property market.
That advice will not be welcomed by everyone in the Highlands, however.
That’s because access to affordable housing is one of the biggest issues affecting the region.
Writing in the Press and Journal last month, Prof Jim Hunter said “nothing is more desperately needed” today than action to solve the housing crisis.
He suggested a new housing authority should have the ability to acquire land at the lowest price.
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