Property firm helping Dundee tenants amid coronavirus

A family-owned property firm has positioned itself to help its worst-affected tenants while they deal with the coronavirus crisis, thanks to new financial support from Bank of Scotland.

The centre is home to 25 small businesses. Picture: contributed.

Jute Properties bought the Dundee One office block in 2017 and has developed it to encompass offices, which are home to 25 firms, many of them small organisations that have experienced dramatic falls in revenue on the back of lockdown.

The firm has secured a capital repayment holiday on existing borrowing, enabling it to agree short-term rent deferrals for its tenants at the centre.

MD Jonathan Marsh said: “It’s an extraordinary time we’re operating in. No one could foresee these circumstances when we bought Jute Properties, but thanks to support from Bank of Scotland, we’ve been able to protect our business and offer help to our tenants.

“Some of them are experiencing huge dips in income as demand for their services slows or stops altogether. We felt it was the right thing to do to agree a pause in rent payments for those who needed it most – it will give them the financial flexibility needed to make their way through the coming months and emerge at the other side, stronger.

“We’re confident that, once normal trading commences again, we’ll be ready to put our investment plans back into action.”

Douglas Spowart, relationship director at Bank of Scotland, said: “The resilience being displayed by businesses during these unprecedented times is what will get us through this challenging period.

“We’re committed to helping businesses like Jute Properties adapt and adjust to weather the storm. This includes setting aside £2 billion of arrangement fee-free finance to help firms affected directly by Covid-19.”

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