Dundarroch to spend new funds on offices

Published on Wednesday 3 August 2011 18:03

THE commercial property developer which built the Scottish Enterprise Technology Park in East Kilbride and the Scottish Marine Institute near Oban has been refinanced in a £4.5 million deal with Royal Bank of Scotland.

Dundarroch Holdings said it will now embark on a refurbishment programme for its premises in East Kilbride and Stirling in an effort to keep its occupancy rates at the 90 per cent it has maintained during the economic downturn.

Financial director Derrick Jones said: "We're going to be introducing some energy-saving measures, such as new lighting, which won't just save money but will also create a much nicer environment for staff in the buildings."

The firm has already won plaudits for its 200,000 entrance pavilion for the "unremarkable" Napier Building on the Scottish Enterprise Technology Park.

Dundarroch's new entrance for the building was designed by artist Martin McInally based on a physical representation of the Fibonacci sequence, a mathematical series of numbers.

Jones said it could be a further two years before the company is ready to take on board a building partner to develop new sites.

Len Marsh, RBS relationship director, said: "Derrick and the team at Dundarroch have consistently demonstrated a realistic and practical approach during what has been a challenging period for the property sector and we were delighted to tailor a funding solution to support their growth plans."

Dundarroch changed its name in 2009 from "ERDC in Partnership" after chairman Gwyn Kennedy bought out his partners at Estates Road Development Company (ERDC).