The Courier & Advertiser (Angus and Dundee)
Prime Ministerial boost for Tay Cities Deal
Deal will provide a welcome boost to subdued market
The outlook for a successful outcome for the Tay Cities Deal appears to have been boosted with Prime Minister Theresa May declaring: “We’ve supported city deals elsewhere and I think the Tay Cities Deal is also important.”
The Cities Deal, worth £826 million over 10 years, will see money being passed to local authorities with three key objectives – to enhance local infrastructure, grow regional economies and create inward investment.
Analysis by Ryden of the commercial property market in Dundee over recent years has shown a subdued market for office and industrial accommodation, with most lettings completed on small properties.
It is the lack of real choice of modern accommodation, especially in the offices sector, which has held the city back.
The proposed new strategic development plan, TAYPlan, is to be adopted this summer.
This document sets out strategic objectives for the Tayside area and specifies requirements for housing and employment land.
Prominent land releases will see significant expansion areas to the northwest of Perth and another 50 hectares at Dundee’s Western Gateway – as well as commercial property featuring heavily within the mix of the Waterfront development.
TAYPlan will influence the focus of investment through the Cities Deal and enable a collaborative approach between neighbouring local authorities relative to spending.
Large-scale employment land releases generally deal with greenfield land and therefore lead-in times and delivery can be prolonged to allow for the installation of necessary infrastructure.
However, such allocations provide certainty for inward investors wishing to bring proposals forward on such land, as the principle of commercial land use has been accepted by the development plan.
Dundee Waterfront is an exception to this as a regenerated brownfield site providing fully-serviced and effective sites.
The process for reviewing and approving planning applications such as these is likely to be straightforward.
Therefore the focus will be around good design, scale, integration and useability, complementing the wider living and working environment.
This approach should hold much appeal for developers and inward investors, with the council eager to welcome new firms to the city to strengthen the growing technology, professional services and energy sectors.
Of course this will take time – however, with the backing of the Tay Cities Deal and the conjoined working of the local authorities, the region is headed in a positive direction that may result in more speculative development.