WELL-heeled housebuyers could snap up a “bargain” after one of Scotland’s most prestigious hotels slashed £500,000 from the price of a plot of land.
Five star Gleneagles is selling off an acre it owns in a neighbouring street dubbed the most expensive in the country.
But because of difficult market conditions it has slashed the price from £1.55m to a relatively affordable £1m.
The lucky purchaser will have to dig considerably deeper into their pockets to build the six-bedroom home of their dreams in one of Scotland’s most expensive streets.
But the price includes two years’ golfing among the rich and powerful at Gleneagles, Perth and Kinross, and membership of the hotel’s leisure club.
And the newest resident in Caledonian Crescent, Auchterarder, even gets to share their sewage with the stars as the new mansion will be connected to Gleneagles’ private drainage system.
The five star hotel – dubbed a ‘Riviera in the Highlands’ – charges up to £2,000-a-night for a suite and counts the Duke and Duchess of Cambridge among its high profile guests, along with Sir Sean Connery and John Travolta.
Last year, the golf course was the venue for Ryder Cup, and residents of Auchterarder, despite living a few minutes’ walk away, enjoyed shuttle buses to the event.
The plot for sale in Caledonian Crescent had previously been on the market for offers over £1.55m and a neighbouring, almost identical piece of land, was snapped up for £1.7m a few years ago.
But even the street twice named the most expensive in Scotland has been hit by the recent financial crisis.
Rettie estate agent Chris Hall said: “Only one sold for £1.67m.
“Gleneagles withdrew the second hoping the market conditions would improve.”
The agent admitted: “The plot price has come down significantly.
“To buy a plot for £1m or more and develop a house is a significant investment.
“People who can afford that already have nice houses. It’s a discretionary decision rather than one driven by a need.”
He continued: “The current reduced price level is an attractive opportunity for some people.
“For those familiar with Gleneagles, Caledonian Crescent is very well known.
“There are six very substantial new build homes with build costs ranging from £2m to £7m.
“I’m not aware of any other street that rivals it in that respect.”
Residents of Caledonian Crescent only have a five minute stroll to the entrance to the hotel, where they can dine in the two star Michelin restaurant run by Andrew Fairlie.
In 2007 Strathearn Lodge on Caledonian Crescent was labelled the most expensive new home on sale in the country being marketed at offers over £3.75m.
Meanwhile the street came out top of Zoopla’s Scottish Property Rich List in both 2008 and 2009.