How a billionaire revived a dying Scottish island
In 2017, hedge fund manager Ian Wace acquired the remote Scottish island of Tanera Mòr for around £1.7 million. By 2024, his £100 million regeneration project has breathed new life into the 800-acre island, which once supported a thriving fishing community. Rather than creating a private retreat, Wace focused on restoring Tanera's historic buildings, landscape and community spirit.
Over 50 buildings have been restored, including cottages and other structures, while 28 acres of historic agricultural land has been reclaimed for traditional Scottish crafts. The project has also planted more than 100,000 trees and restored eight ponds, providing fresh water habitat for aquatic plants.
Central to the revival is a shared community center with offices, accommodation, a pub, chapel, art studio, cinema, gym, sauna and communal cookhouse. The island's workforce is 60% from the Scottish Highlands, with nearly 8,000 acres of mainland land gifted to the Coigach Community Development Company. Since 2020, Tanera Mòr has operated as a charitable trust, preserving heritage while fostering jobs and community life.
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