Today (18 August 2022), the Courier online published the original version of this article in which David Rose explains his thoughts on the proposed development of a new office block at the Dundee Waterfront.
David Rose, Partner in our Commercial Property team, believes that the proposed development of a five-storey office block at Dundee's Waterfront will benefit the city. On Tuesday, it was revealed in the Courier that details for the office block at Site 6, across from the V&A, have been submitted by architecture firm Cooper and Cromar.
The site was originally earmarked for a hotel, but those plans fell through in January and it received a mixed response online. However, David believes the proposals for a new office block at the Waterfront will have benefits for the city.
Having worked in the north east commercial property sector for nearly 30 years, David says the construction of high-quality offices in the centre of Dundee will create more employment opportunities. He added: "We definitely need skilled employment.
David continues: "In digital media and the games industry, whether it's offices or workshops they need quality space to work in.
"I think the big push is for Dundee to retain more of its graduates and provide sustainable jobs to the local workforce.
"It's a good thing that there is a proposal for the office development."
While he is in favour of the development, David said the artists' impression of the offices were of some concern.
"What struck me was from the impressions is the scale and that it's a continuous block. The masterplan was all about connecting the city centre to the Waterfront. I think for anyone visiting the V&A or Discovery Quay, that could present a barrier."
But he said rental values in the city mean there is a limit to what developers will spend on new buildings.
"We're not London. We don't have the rental values or the headquarters-type buildings where a BP or a Barclays are going to come and build a landmark building, and fund that, so we have to be realistic.
"The rental values in Dundee are at a level that puts a cap on development spend. You've got to match up cost, purpose and end values."
David said previously he believes investment interest in Dundee will intensify thanks to a feel-good factor generated by the Eden Project's plans.
The plans to transform the former gasworks at East Dock Street into a major visitor attraction are expected to create 200 jobs. The new Eden Project, which is due to open in 2026, could inject £27 million a year into the region. He welcomed plans for a £ 160m battery factory that could create more than 200 jobs at the Michelin Scotland Innovation Parc.
"There's a constant trickle of good news on property development front," David adds. "It goes against the grain of the macro economic position at the moment.
"Dundee City Council is pushing ahead positively."
The full article is available here.
