Dundee Waterfront gets £63m 'outcomes-based' investment

The Scottish Government is investing up to £63.8 million in Dundee’s Waterfront following deputy first minister John Swinney agreeing an innovative Growth Accelerator model (GA) with the local council.

Developed by the Scottish Futures Trust, the government-backed independent company responsible for delivering value for money across public sector infrastructure investment, the GA model is designed to stimulate growth, create jobs and support businesses through public and private sector investment in local infrastructure and public spaces.

Funding is linked to the delivery of agreed outcomes and in Dundee’s case will be aimed at improvements to the railway station concourse, development of the V&A design museum and developing world class digital infrastructure. Around 4,500 square metres of Grade A office space will also be developed together with improvements to civic spaces.

Commenting on the agreement with the local authority, Swinney said: “The £63.8m 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.”

The funding package includes £13m for the Dundee Railway Stations concourse in addition to the £4.3m wider station development and £3m 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 £20m to further support the development of the V&A and over £25m to redevelop the two civic spaces at Discovery Plaza and Waterfront Place,” said Swinney who also stressed the importance of projects like the V&A in enhancing the city’s cultural offerings which in turn were “key to creating the right environment for attracting investment”.

Swinney said he was keen to see the GA model explored in other cities and regions as a means to unlocking further investment across Scotland and said he looked forward to receiving any proposals in due course.

Dundee City Council leader Ken Guild said the Waterfront was “one of the most exciting and innovative projects currently going on in Scotland” and that there was an unprecedented level of investor interest in Dundee currently and the latest announcement will help to reinforce that.