The site is located on the north-west fringe of Edinburgh, adjacent to the established prime residential areas of Cammo, Cramond and Dalmeny.

It includes a number of listed buildings, including the category A listed Craigiehall House (along with its walled garden and stable block) and the category B listed former anti-aircraft operations room.

Ben Brough, head of Savills’ development team in Scotland, said: “We are delighted our joint bid from Miller Developments and William Pears Group has led to a successful acquisition.

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“The combination of this attractive and historical property, and its exceptional setting on the banks of the River Almond, makes it a very special opportunity indeed.

“Nearby existing residential enclaves are in high demand from those who wish to be in easy reach of the city centre, yet close to the airport and to Scotland’s rail and motorway network, including the new Queensferry Crossing across the Firth of Forth.”

David Milloy, managing director at Miller Developments, added: “Opportunities of this quality do not come along very often.

“We are therefore very pleased to have been successful in buying the barrack site with a view to securing consent for future development within this high-quality site.”