The DundeeOne office building has been sold to Jute Property for an undisclosed sum following the appointment of Paul Dounis and William Duncan of RSM Restructuring Advisory LLP as Joint Administrators over the Lindores Property Group in 2016.
The development, DundeeOne, River Court, boasts 50,000 sq ft Grade A, flexible office space in the heart of the £1bn regeneration of Dundee’s waterfront.
The joint administrators have also recently submitted a joint planning application for the adjacent development site for 120 affordable units with associated parking, green space, cycle and refuse storage and a retail unit. This follows the sale of the Lindores Lower Dens site to Percor Capital in 2016 to develop a 130-bed hotel with potential for a complementary aparthotel in the second phase of development.
In addition, the RSM team continue to consider options for the Lindores Hawkhill Industrial site which includes a potential residential and student accommodation opportunity close to the University of Dundee.
Paul Dounis, RSM Restructuring Advisory partner and one of the Joint Administrators said:
‘The sale of DundeeOne is great news for the waterfront area and the wider regeneration programme across Dundee. We continue to work with our professional advisors to secure planning consent and viable options for the remaining portfolio.’