Just 15 years after the £1bn Dundee Waterfront project was launched, more than £750m of investment has now been committed to the transformation of Scotland’s fourth largest city.
Turning disconnected gap sites and redundant land into a regeneration hot spot along eight kilometres of the River Tay is well under way.
Targeted public sector investment was the catalyst needed to build the infrastructure and create the development canvas that would engage the private sector. There are now a growing number of private sector investors keen to take advantage of the wave of development activity across the city. The investments are at all levels, from micro through to major businesses, with interest from across the UK and overseas.
The first phase of investment focused on creating the infrastructure, roads, utilities, open spaces and construction work needed to reconnect the city centre with the River Tay. A wide variety of offices, retail, leisure, travel, residential, hospitality and tourism-related projects are now arriving in the Waterfront and city.
The largest building-related investment is the new V&A Museum of Design Dundee, which will open in 2018. Representing an investment of more than £80m, the new V&A Dundee will be a major addition to the UK’s rich portfolio of museum assets. The investment is already attracting thousands of tourists and creating significant opportunities around leisure and business tourism.
When it opens, several hundred thousand visitors are expected each year.
A host of other major investments are helping drive regeneration, including a new railway station complete with hotel and retail space; major developments in Dundee Port, and the creation of a new marina. The Scottish Government is also investing £63m of growth funding under the Growth Accelerator Model (GAM), which will help fund the next phase.
Allan Watt, Dundee Waterfront Project Director, says there are huge opportunities for UK investors to partner with the city: “The City Council owns the vast majority of land in the central waterfront, which allows us to work closely with developers, investors and entrepreneurs. There are exciting opportunities for the UK’s private sector to capitalise on the expansion of Dundee Waterfront. We are very entrepreneurial in our approach, and would urge interested parties to contact the Dundee Waterfront Development team directly with their ideas.”