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Dundee waterfront and V&A ‘to bring £1bn to city’

An artist's impression of the V&A building to be erected on Dundee's waterfront. Picture: Contributed

An artist's impression of the V&A building to be erected on Dundee's waterfront. Picture: Contributed

  • by FRANK URQUHART
 

THE landmark redevelopment of Dundee’s waterfront is set to attract an additional three million visitors to the city and boost business and tourism spending by an extra £1 billion between 2015 and 2025, the developers have revealed.

The £1 billion Dundee Waterfront Project, which will have the iconic V&A Museum as its centre point, has now reached the halfway mark in the development with £500 million of investment secured.

The Dundee Waterfront partnership is a joint venture between the city council and Scottish Enterprise. And the development partnership has announced plans for a series of investor road shows over the next three months, aimed at highlighting the business and tourism opportunities the massive development will bring.

The first roadshow will be held in London on 9 October, followed by Aberdeen on 20 November and Edinburgh and Glasgow on 10 December.

Mike Galloway, director of city development with Dundee City Council, said: “The dramatic growth in business, leisure and family tourism will create demand for new accommodation, restaurants, bars, retail and a wide range of supplementary goods and services.

“For example, we estimate the city will need 500 additional bed spaces - or five hotels offering 100 beds each - on top of our current complement of 1250.”

He added: “The Dundee Waterfront Project is a ‘once-in-a-lifetime’ development opportunity and we are receiving interesting inquiries from around the UK, and further afield, which reflects the growing international profile that Dundee is earning as an interesting investment hot spot. Being short-listed for the UK City of Culture title last was a further major boost and will add to awareness of investment opportunities in the city.”

The Dundee Waterfront project spans 240 hectares of land stretching six miles along the River Tay. It is the second largest regeneration project in Scotland. And more than 9000 new jobs are forecast to be created as a result of the wave of new investment in the city.

Preparatory work has already begun at the site at Discovery Point where the new £45 million V&A outpost museum, designed by award-winning Japanese architect Kengo Kuma, will be built.#

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