Property deals worth millions of pounds have been completed to breathe new life into Dundee’s Reform Street.
The investment is a major vote of confidence in the prominent city centre thoroughfare blighted by a high number of vacant properties.
Concerns about the apparent decline of the street have been addressed by four major transactions involving buildings at its north end.
Adam Hutcheson, director of Westport Property representing the parties, said: “New businesses and ventures are replacing old ones and some exciting developments are taking place in Reform Street.
“It is an expression of faith in the future of this street.”
*Jamal Property World are going ahead with an upmarket development of six flats on the east side above the Counting House Bar.
*AKG Property Group are developing the former Alliance Trust headquarters on the west side into 11 flats.
*AKG are following up this investment by letting the ground floor unit as the Coffee & Co independent coffee shop which is soon to open.
*A Korean barbecue restaurant Chuseok is being opened next door at No 58 by Jason Haxton and Ryan Beattie. The first venture of its kind in Scotland, it will open in the summer.
Shaheed Jamal said the top of Reform Street overlooking Albert Square was perfectly suited for his development owing to its quiet nature and central location.
“It is the result of rising demand for high quality city centre accommodation due to the retention of graduates and the economic confidence in Dundee.
“This is an informed expansion and investment in Dundee.”
AKG Property Group said: “We have made a significant investment in Reform Street with the re-development of the former Alliance Trust Buildings, and are now letting the ground floor at 64 Reform Street to a new independent coffee shop operator.”
Coffee & Co owner Heather Sharp decided on Reform Street for its high footfall and status as the route to the heart of the shopping area.
She continued: “I think a new approach is required by landlords to recognise the new reality of retail space in the city centre to bring it back to its vibrant self.
“This can take the form of new businesses being encouraged to the area which would suit today’s customers and lifestyles.”
Mark Adams of Ferry Capital Partners LLP, owners of 58 Reform Street, said: “I acquired 58 Reform Street because I believe that the positive new projects there will form the basis of Reform Street’s re-emergence as a prime city centre destination.”
Original article from - http://www.thecourier.co.uk/news/local/dundee/property-deals-seen-as-vote-of-confidence-in-reform-street-s-future-1.927469
