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Dundee secures £63 million funding

Published: 26 Feb 2016 09:47
Part of:
Economy

New investment plans.

The Scottish Government will invest up to £63.8 million in Dundee's Waterfront, as part of a package agreed today by Deputy First Minister John Swinney and Dundee City Council.

The Growth Accelerator model (GA), developed by the Scottish Futures Trust, is designed to stimulate growth, create jobs and support businesses through a combination of public and private sector investment in local infrastructure and public spaces.

Funding is linked to the delivery of agreed outcomes and will be targeted towards improvements to Dundee railway station concourse, development of the V&A and ensuring the Waterfront boasts world class digital infrastructure. 4,500 square metres of Grade A office space will also be developed alongside improvements to civic spaces.

Welcoming the agreement, Mr Swinney said:

"The £63.8 million funding available through this Growth Accelerator agreement underlines the strength of the Government's commitment to Dundee and our desire to help create jobs and grow the economy.

"The nature of this funding model enables investment to be unlocked now that will support development in the area and longer term economic growth.

"Today's package includes £13 million for the Dundee Railway Stations concourse in addition to the £4.3 million wider station development and £3 million to establish a future-proofed digital corridor to assist the city's world renowned games industry and provide a competitive digital solution to support economic development.

"We are also providing up to £20 million to further support the development of the V&A and over £25 million to redevelop the two civic spaces at Discovery Plaza and Waterfront Place.

"Our existing infrastructure investment programme is already working to improve connectivity and stimulate economic growth. Through projects like the V&A we are also enhancing the cultural offerings, which are key to creating the right environment for attracting investment.

"The GA model continues to be explored in other cities and regions to unlock further investment across Scotland, and I look forward to receiving any proposals in due course."

Cllr Ken Guild, Leader of Dundee City Council said:

"Today's announcement is the key to unlocking increased funding for one of the most exciting and innovative projects currently going on in Scotland.

"The V&A is already creating jobs and injecting money into Dundee's economy during the construction phase and generating a halo effect by attracting significant private investment.

"In the past two weeks alone we have had more than £70m of such investment announced in the wider Waterfront regeneration project and Dundee Port.

"Right now there is an unprecedented level of investor interest in Dundee and this announcement will help to reinforce that."

Tony Rose, infrastructure director at the Scottish Futures Trust said:

"Building on our pathfinding work with The City of Edinburgh Council, I'm delighted that Dundee City Council is using our innovative Growth Accelerator which will unlock and deliver substantial economic growth across the City, both during and after construction."

Chair of the Scottish Cities Alliance, Councillor Andrew Burns, said:

"This is a fantastic result for Dundee and we welcome this latest investment into the Dundee Waterfront project. We're delighted to have been able to work with Dundee City Council to support the marketing of their Waterfront through our £10 billion investment prospectus.

"This is also a demonstration of the great benefits to be gained from partnership working between the seven cities and the Scottish Government, with our Investment Prospectus clearly paying huge dividends.

"I am sure that, thanks to our ongoing collaborative approach and, in particular, to the development of the Investment Prospectus, we can look forward to attracting many more big investments from around the world."

Notes to editors

The Growth Accelerator model (GA) has been developed by the Scottish Futures Trust. The agreement with Dundee City Council is the second of its type.

The additional package announced today for V&A Dundee includes the £12.6 million remaining funding requirement for the V&A and reflects an apportionment of the Council's assessment of the potential wider financing costs associated with the overall Central Waterfront development. It is for the Council to determine how individual projects within its overall capital programme are financed