Leisure and tourism businesses are being urged to share in £1 billion of tourism revenue forecast to be generated by the major capital investment underway in Dundee Waterfront.
The £1 billion Dundee Waterfront Project has reached the halfway mark with £500m of investment now secured and a series of roadshows now is being held to outline the scale of the £1 billion tourism opportunity.
3 million extra visitors
Dundee Waterfront is forecasting that the development programme will generate 3 million extra visitors and £1billion of business and leisure tourism spending between 2015 and 2025.
“The dramatic growth in business, leisure and family tourism will create demand for new accommodation, restaurants, bars, retail and a wide range of supplementary goods and services” said Mike Galloway, Director of City Development with Dundee City Council. “For example, we estimate the city will need 500 additional bed spaces – or 5 hotels offering 100 beds each – on top of our current complement of 1250.
He added: “The Dundee Waterfront Project is a ‘once-in-a-lifetime’ development opportunity and we are receiving interesting enquiries from around the UK, and further afield, which reflects the growing international profile that Dundee is earning as an interesting investment hot spot. Being short-listed for the UK City of Culture title last was a further major boost and will add to awareness of investment opportunities in the city.”
Dundee Waterfront is a £1 billion project spanning 240 hectares of land stretching 8km along the River Tay. It is the second largest regeneration project in Scotland and one of the top twenty such projects in the UK. Over 9000 new jobs are forecast to be created as a result of the wave of new investment in the city.
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