An iconic building on Dundee’s waterfront has been sold for combined residential and commercial redevelopment.
DP&L’s century-old four-storey Maritime Building in East Dock Street was the headquarters of the Dundee, Perth & London Shipping Company.
The group has moved from shipping into a range of other businesses and, with a new base in Dunsinane Industrial Estate, the Maritime Building was put on the market.
It has been bought by Stone Acre for an undisclosed fee.
The development company plans to convert the three upper floors into prestige apartments, with two office suites at street level.
Co-director Andrew Craig, who is tackling the project with colleague Andrew Rennick, said: “We are very excited about this project in a venture as significant as the waterfront.
“We like to work with buildings which have character, and the Maritime Building is very much in this mould in being of historical importance internally and externally.
“We like to bring listed buildings back to their former glory with change-of-use projects that retain original attractive features and give buildings an exciting new future.
“We envisage developing a total of 10 residential units and are in discussion with the council about details of plans to produce a project that works for them as well as for ourselves.”
Once planning permission is granted, Stone Acre hopes to start work in the middle of this year with a view to completion in early 2016.
The Maritime House project is as big as any tackled by Stone Acre, whose previous experience includes developments in Edinburgh.
Andrew Dandie of selling agents Graham + Sibbald said: “We are delighted to conclude the sale of this iconic Dundee building, further underlining the confidence in the city’s commercial property market which in this instance is driven by the waterfront project and the opportunities this creates.”
The stone Victorian renaissance building by architect James Maclaren has, with Custom House opposite, dominated the eastern approach to the city centre.
It has provided an imposing presence with fine decorative stonework.
Inside, the traditional finish has been retained with elaborate carvings, cornicing and other original features.
DP&L’s history dates from 1826, and in the 19th Century the company operated a fleet of vessels that sailed on the London route and to Glasgow, via the Forth & Clyde Canal; to Leith, and to Liverpool.
In 1857 the firm bought the Dundee & Hull Shipping Company.
Destinations as far as Canada were reached, and during the two world wars DP&L’s ships were requisitioned as armed boarding steamers, convoy escort vessels and D-Day support craft.
With transport transformed by aviation DP&L changed with the times, and instead of shipping routes the company has a series of businesses as diverse as leisure and travel management, marquee hire, recruitment and industrial supplies.
Last year the DP&L Group was sold to Scottish businessman Alick Bisset. The company had a turnover of £14 million, and the deal ended its 80-year connection with the Chalmers family.