Dundee waterfront investment to near £500 million in 2013

Dundee Waterfront is forecasting that in excess of £100m of capital projects will either be started or completed during 2013, taking the amount of committed investment for Dundee Waterfront to nearly £500m, or half the £1 billion target.

Work is expected to start on the £45m V&A, the new £14m Dundee Railway Station, the £30m Riverside flats development by H&H plus other construction projects including Unicorn Property Group’s new flats and redevelopment of Shed 25 at City Quay, commissioning of new digital media pods at Seabraes and upgrade works for Dundee West Park and Ride.

Major projects expected to complete during 2013 include the £32m Olympia Swimming Pool, new £8m Malmaison Hotel plus extensive demolition, infrastructure and upgrade works on projects including the Tay Road Bridge roadworks, demolitions of Tayside House, Hilton Hotel and Gala Casino, replacement of Station Bridge and South Marketgait Bridge, Waterfront landscaping, harbour infilling and various infrastructure projects.

A planning application has also just been submitted by Unicorn for a new £7m hotel at Customs House and Harbour Chambers. Dundee Waterfront calculates that at least £130m of investment will be released during 2013 as a result of these projects.

Dundee City is undergoing a major transformation, spearheaded by the £1 billion Dundee Waterfront project, which spans 240 hectares of land stretching 8km along the River Tay. Dundee Waterfront is the second largest regeneration project in Scotland and within the top twenty such projects in the UK. Over 9000 new jobs are forecast to be created as a result of the wave of new investment in the city.

Commenting on the fresh wave of investment Mike Galloway, Dundee’s Director of City Development, said: “We are very pleased with the rate of progress and the interest that is being generated in Dundee Waterfront. We are delighted with the amount of investment being generated by local businesses and, increasingly, by inward investment. 2013 is set to be a watershed year as we close in on £500m of committed investment, or half the overall target of £1 billion.

“We are marketing the Dundee Waterfront investment message far and wide as there are still exceptional opportunities for a wide range of businesses in a wide range of sectors. The increase in investment, job creation and visitor numbers is going to generate hundreds of millions of pounds of additional revenue for the city and for those entrepreneurs that grasp the business opportunities now emerging.”

“Tourism, for example, is set to see significant growth. The V&A at Dundee is alone expected to generate 500,000 additional visitors to the city during its first year, then settling at more than 300,000 annually. We also have the golf assets of Fife and Angus, amongst many other attractions. By 2015 the business flowing into Dundee and the surrounding area will be significant, and we would encourage more entrepreneurs and businesses to work with us to ensure we capitalise on the opportunities that will be available.”

Allan McQuade, Business Infrastructure Director for Scottish Enterprise said "The Dundee Waterfront Project has a pivotal role to play in helping the City of Dundee stimulate economic growth both for Tayside and the wider Scottish economy. This significant level of investment will help transform the Waterfront area through major infrastructure improvements that will deliver economic benefits both today and in the future. The progress to date has been very encouraging and 2013 promises to be an exciting year as the vision for the Waterfront continues to emerge along the banks of the Tay."