The potential economic impact of a Dundee branch of the Victoria and Albert Museum is already being felt in the city’s commercial property market, it has been claimed.
Ric Russell, of Broughty Ferry architectural firm Nicoll Russell, told The Courier that possible partners for the redevelopment of the former Tay Hotel had already come forward on the strength of the museum proposals.
The upgrading of the building, previously branded an “eyesore” and a “blight” on the city’s landscape, was approved in October after almost two years of wrangling with Historic Scotland.
The conservation quango finally accepted that the development which would see the current shell turned into flats, an apartment hotel and a bar-restaurant was the only way forward for the site, despite continued concerns about the addition of a glazed seventh floor comprising two penthouse apartments to the B-listed building.
But shortly afterwards Mr Russell warned that developers MEC Service International would have to “take stock” of the project because of the effects of the economic downturn.
However, last night he insisted that he had new optimism about the future of the project and said the promise of an architecturally significant landmark museum within a matter of a few hundreds yards of the site had caught the interest of potential investors.
Some, he revealed, have even been given a tour of the 120-year-old landmark.
“Having spoken to my client relatively recently, the update is that we have had some statements of interest from potential partners in terms of a joint development,” Mr Russell said.
“There have been some expressions of interest in terms of the building, which is thought by the client to have come about on the back of the V&A development.
“I think it shows the upsurge in confidence that the V&A might bring and that is quite significant to the city.
“I’m sure potential partners have visited the building but there’s nothing concrete at the present time.
“In the longer term we remain confident that the Tay Hotel will take off but riding through this financial situation has been difficult for all parties.”Jobs and visitorsIt has been estimated that the V&A costing an estimated £45 million will create around 900 jobs and attract more than 500,000 visitors to Dundee, providing a multi-million-pound boost to the local economy.
City leaders regard the museum project as a keystone in the extensive redevelopment of the wider waterfront area.
The V&A at Dundee is being delivered by Design Dundee Ltd, a partnership between the Victoria and Albert Museum, Dundee University, Abertay University, Dundee City Council and Scottish Enterprise.
Six world-renowned architects are on the shortlist to design the building, which it is hoped will have the same effect on the Tayside economy as Frank Gehry’s Guggenheim museum had on Bilbao.
The Courier is a media partner for the V&A project.
Photo used under Creative Commons licence courtesy of Flickr user Gaspa.