Our clients at Lotus Group have acquired a £60m portfolio of 1.3 million square feet of assets in Dundee. We’re proud to have lent our Environmental Due Diligence service towards this endeavour.
The assets acquired by the Northern Ireland investment firm feature a range of industrial, mixed use, retail, leisure, and residential elements. Specifically, the portfolio covers assets in Marketgait/West Marketgait, Wester Gourdie Industrial Estate and Dunsinane Industrial Estate.
The portfolio acquisition marks an important chapter in wider efforts to regenerate the city after a strong period of growth. This includes significant waterfront regeneration and the arrival of new culturally significant attractions like the Victoria & Albert Museum.
Alan Dew, Principal Geo-environmental Consultant at Tetra Tech, said: “Dundee has cemented its place as a world leader in specialist technology, and people continue to flock there with the ambition of making it a centre for innovation in Scotland. We’re glad to have assisted Lotus Group in understanding potential environmental liabilities associated with this major property transaction. It will contribute significantly to the environmentally sustainable regeneration and economic development of the region.”
Roger Craig, Senior Portfolio Manager of Lotus Group, added: “Dundee is going through a really exciting and significant period of regeneration and we consider the city to be a key growth area in the UK. I am confident Dundee will become one of the UK’s next property investment hotspots and we are pleased to have completed this acquisition with the close support of Tetra Tech.”
“Tetra Tech’s prompt mobilisation of resources, proactive approach and detailed understanding of both our and our financial partners’ environmental requirements has been of great assistance in the timely completion of the purchase.”