I was delighted to hear the recent announcement in relation to the opening of a new Indigo Hotel in Dundee. This significant investment will transform one of Dundee’s mills and will add 96 bedrooms. I understand that work will commence sometime in 2017 with completion expected in the summer of 2018. This investment will breathe life into the east end of Dundee and is another welcome example of the rebirth of the City. This will follow the launch of budget hotel chain Sleeperz to the City, part of the redevelopment at Dundee railway station. A proposed boutique hotel for customs house and various other hotel investments continue to reinforce Dundee as an up and coming tourist destination. I also understand that there will be some announcements from Dundee Council in the next few weeks in relation to further projects at the Dundee Waterfront. It is great to see Dundee continue to go from strength to strength and a very exciting time to work, live and be part of the City.
Readers of previous blogs will know that I have been closely monitoring the increase in rental returns across Scotland, in particular Dundee, and I would advise that this trend shows no sign of abating.
With the property market currently showing subdued activity levels due to mortgage pressures (and also the weather), there has never been a better time for someone interested in property to invest in the property market.
The caveat to this is that it is very important that you take advice from solicitors experienced in property investment. I would be more than happy to have an initial no cost meeting with you to discuss the various options available to you.
Head of Property Services
T: 01382 229222
Readers of previous blogs will know of my interest in property investment and the buy to let market. There has recently been a report from ARLA indicating that tenant demand is at its highest level ever throughout the UK with landlords reporting rental voids at a new low-level. This surge has been caused by ever-increasing student numbers, a lack of opportunity for first time buyers and the ever-present shortfall of houses in the UK.
With current housing prices at comparatively low levels and tenant demand being so high there has never been a better time to invest in property and in Dundee in particular. Past experiences tell us, however, that it is important before you embark upon this type of venture to take the correct advice from a property specialist, and with recent proposals to further regulate the relationship between landlord and tenant it is now very important to take legal advice in terms of preparing the Tenancy Agreement.
P.S. For your interest I have been recently involved in discussions in respect of the possibility of creating a ‘property investment trust’ which I think is a very interesting development and I will let you know when more details become available.
Head of Property Services
- Demand for Rental Housing Outstrips Supply (prweb.com)
- Rents soar as first-timers struggle to buy (independent.co.uk)