Socio-Economic Impact of Taymouth Castle Estate

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Background

EKOS Ltd were commissioned by Discovery Land Company to assess the potential economic and social value impacts that could be generated from the proposals for Taymouth Castle Estate in Kenmore, Perth and Kinross. The £790 million mixed-use development includes the restoration of the historic 19th-century Taymouth Castle, the creation of luxury visitor accommodation and homes, and the introduction of new amenities such as a spa, equestrian centre, and renovated golf course.

The key challenge was to understand the potential socio-economic impact of this investment, including the scale of jobs, economic value, and wider community benefits it could generate.

Our Approach

EKOS was commissioned to undertake an independent and comprehensive Socio-Economic Impact Assessment (SEcIA) in line with HM Treasury Green Book guidance. The study included:

  • Baseline Analysis – reviewing demographic, business, employment, and tourism data at local, regional, and national levels.
  • Economic Impact Modelling – quantifying gross and net impacts across construction, operations, off-site visitor spend, and household fit-out spending.
  • Financial Impact Assessment – estimating local and national tax receipts, including Land and Buildings Transaction Tax, Council Tax, and Income Tax.
  • Wider Benefits Analysis – exploring additional impacts such as the use of local contractors and suppliers, and investment in Kenmore village assets.

Key Findings

Potential long-term impacts of the development are estimated to be:

  • Capital Investment: £370m direct investment by Discovery Land Company, leveraging a further £420m in private sector investment.
  • Construction Jobs: 2,620 one-off jobs in Perth and Kinross, generating £70m in wages and £160m in GVA.
  • Operational Impact: 200 FTE jobs sustained annually in Perth and Kinross, contributing £14m GVA and £8m in wages.
  • Visitor Spending: Off-site spending by guests expected to support 55 jobs and £1.5m GVA annually in the local economy.
  • Household Spend: The fit-out of 145 homes to generate 200 one-off jobs locally, adding £12m in GVA.
  • Long-Term Value: Over 25 years, the estate is forecast to generate £390m GVA and £210m in wages for Perth and Kinross (£590m and £320m respectively across Scotland).
  • Financial Impacts: £55m in income tax and NI contributions, £11m in council tax, and £3.2m in LBTT.

The project shows how robust economic assessment and evidence-led insights can help stakeholders understand the scale of opportunity and inform balanced conversations about the future of local communities.

The link to the published report can be found here.