| scottish news
PRIVATE SECTOR EYES DUNDEE WATERFRONT
Mike Galloway
Dundee Waterfront is drawing a growing amount of interest, and investment, from developers, businesses and entrepreneurs. The award- winning £1
billion project is
reshaping Scotland’s fourth largest city, and creating the framework for sustained, long term economic growth. With more than £750m of public private funding now committed, Dundee Waterfront is ready for the Private Sector, and the private sector is responding, as this special report reveals.
J
ust 12 years after Dundee Waterfront was launched, the project is transforming disconnected gap sites, intermittent development and redundant land into a connected, strategically planned, high value mixed use regeneration hot spot along 8 kms of one of Britain’s most famous rivers. Targeted public sector investment was the initial vital catalyst needed to build the infrastructure and create a development opportunity that would excite and engage the private sector. Now, with a quartet of major private sector investments recently announced, it is clear that moment has now arrived.
There is now extensive interest from the private sector in the Dundee Waterfront Project, at all levels, from micro through to major businesses, and from
within Scotland, the UK and overseas. The first phase of public sector investment focused on the
infrastructure, roads, utilities, open spaces and
construction work needed to
reconnect the city centre with the River Tay.
That process is complete and a new network of roads, paths and bridges has opened, fully connecting the city centre with the central waterfront area. A wide variety of new offices, retail, leisure, travel, residential, hospitality and tourism-related buildings and facilities will soon emerge to rise from this new landscape. The largest building-related investment is the
new V&A Museum of Design, Dundee, which is set to open in 2018. Representing an investment of more than £80m, the new V&A will be a major addition to the UK’s rich portfolio of museum assets. It will also stimulate tourism, leisure and hospitality, with hundreds of thousands of extra visitors expected to travel to and stay in, Dundee and the city region. The expected
Seabraes Bridge
rush of tourists will create significant opportunities for new hotels, hospitality and leisure related businesses to invest in the city.
A wide variety of new
offices, retail, leisure, residential and tourism-related buildings will soon emerge.
V&A Museum of Design Dundee 30
A host of other major investments are helping drive the regeneration, including a new railway station complete with new hotel and retail space; hotels, residential developments; offices and creation of a new marina. The Scottish Government also recently announced £63m of growth funding under the Growth Accelerator Model (GAM), this will make a major contribution to the next phase of regeneration.
COMMERCIAL PROPERTY MONTHLY 2016
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