Waterfront Lifestyle Attracting Buyers
31 October 2015
Dundee's celebrated waterfront redevelopment project has toasted a major milestone. October heralded the announcement that a massive £600 million of committed investment had been secured for a project that is transforming the City of Discovery. While it is anticipated that the dramatic changes taking place near the River Tay will ultimately lead to £1 billion being poured into the city over a 30 year period, the latest series of investments focus on the eagerly awaited V&A design museum, a new railway station for Dundee, a Hilton hotel and apartments.
Investment roadshows are rolling out in Edinburgh, Aberdeen and Glasgow aimed at securing additional support for the waterfront transformation. The exciting proposals also include a rare east coast marina and expansion of the Dundee Science Centre.
City development director Mike Galloway said: "We are delighted at the interest being shown in the business potential on offer in the waterfront area. We are keen to encourage sustainable, design led development that reflects Dundee's status as the UKs first Unesco City of Design.
"Most of the land in the central Waterfront is owned by Dundee City Council, so we can work in partnership with investors and take a long term holistic approach to development."
At the Tayside Solicitors Property Centre, the impact of flats already established on the waterfront has not gone unnoticed. Whitehall Crescent Centre manager Lynne Hill said:
“The flats sector is buoyant this autumn and the average price is up 4.6% over the last quarter. The average price comes in at £96,314.
“We have witnessed strong demand for flats, including those coming on the market at developments by the river, and sales are up 12% year on year in this part of the market.
“Demand is being reported from buyers looking at various neighbourhoods in the city.
“We are seeing interest in everything from traditional tenements to the new build properties along the waterfront, with younger buyers in particular lured by the lifestyle factor.”