HK buyers lose chance of kingdom

PUBLISHED : Wednesday, 21 July, 1993, 12:00am
UPDATED : Wednesday, 21 July, 1993, 12:00am

HONGKONG investors interested in becoming kings of a castle look as if they have lost their chance.

Melville Castle in Scotland - featured in Property Post earlier this month - is in the process of being sold to a Scottish developer.

But the property - which is set to change hands for less than the price of a small flat in the territory - generated a large amount of Hongkong interest.

Fergus Anstock, the mortgagees Bank of East Asia's legal adviser, said there had been a number of ''serious'' enquiries.

''People in Hongkong can always spot a bargain and this certainly is one,'' he said.

''I had about six people who were interested.

''Some of those went out to see or had people go to see the castle.'' The investors would have been attracted by the price, but not by the cost of renovation work needed on the derelict site near Edinburgh.

The Grade A-listed building - dating back to 1788 and last used as a hotel - has fallen into serious disrepair since its owners, Stanley Miller (Scotland), went bust in 1989.

At that time, it was reputedly worth more than GBP2 million (about HK$24 million). It is now being sold for less than GBP250,000, but the buyer will have to restore it.

, and early estimates put such costs at GBP1 million.