£3.8 million boost for Dundee Central Waterfront

One of Scottish Enterprise’s key economic development projects has received a £3.8 million cash injection from the Scottish Government, it was announced today, 10 June 2010.

The £70 million Dundee Central Waterfront project, which aims to transform the Tayside economy by creating a major new central business district, has been highlighted as a key project by the Scottish Government to receive accelerated funding as part of its economic recovery programme.  

Scottish Enterprise will invest the capital to bring forward essential preparatory works to pave the way for the landmark V&A project which is anticipated to become a world leading centre of 21^st century design located at the heart of Dundee’s redeveloped waterfront.

Lena Wilson, Chief Executive of Scottish Enterprise said: “Today’s announcement presents a significant opportunity to expedite redevelopment of Dundee’s waterfront by accelerating infrastructure development on site which will ultimately bring forward completion dates and generate valuable jobs and investment.

“The V&A will feature at the heart of Dundee’s Waterfront regeneration and will become an inspiring hub for Scotland’s creative industries.”

John Swinney, Cabinet Secretary for Finance and Sustainable Growth, said: "Dundee is fast becoming one of the UK's most vibrant destinations for business, study and leisure. The Dundee Waterfront Project, including the landmark V&A development, will play a vital role in helping the city to realise its ambitions – by creating jobs, attracting investment and stimulating economic growth both for Tayside and the wider Scottish economy.  It makes sense to accelerate the funding required to bring about these significant benefits and help sustain our recent return to economic growth.”

Ken Guild, Leader of Dundee City Council and Chair of Dundee Waterfront Project Board, said: “We are delighted that Scottish Enterprise have been able to match our commitment to deliver the V&A project by 2014.   It is absolutely crucial that when this cultural facility opens, it is set within a proper surrounding context and is well connected to the city centre. This funding will help us to achieve that".

The V&A is a key element of the Dundee Central Waterfront project which is expected to create at least 1,000 jobs over 10 years, generate more than £500 million GVA for Scotland’s economy and generate an additional £270 million of private sector investment in the project.

Dundee Central Waterfront is part of the wider Dundee Waterfront project which extends from the landfall of the railway to the far end of Dundee Port and includes Seabraes Yards, Dundee Central Waterfront , City Quay and Dundee Port.

The Dundee Waterfront Partnership is a joint venture between Scottish Enterprise and Dundee City Council. The project aims to transform the Tayside economy and secure existing and attract new high value service sector jobs. It will help transform the image and perception of the city, further contributing to the economic growth of the region and to Scotland as a whole.

Scottish Enterprise will invest over £33 million in the Dundee Central Waterfont project, matching the funding of partner, Dundee City Council.  This injection of accelerated funding will bring Scottish Enterprise’s total investment in the project during 2010-2011 to £5.05 million.

The V&A at Dundee is being delivered by Design Dundee Ltd, a partnership between the Victoria and Albert Museum – the world’s greatest museum of art and design – the University of Dundee, the University of Abertay, Dundee City Council and Scottish Enterprise.