Dundee Waterfront project: Hopes for £1bn of spending

When completed the development will span 240 hectares stretching 8km along the River Tay

Dundee's new Waterfront development could attract an extra three million visitors to the city and £1bn of business and leisure spending by 2025, according to those behind the project.

It has so far reached the halfway point with £500m of investment in the site.

When completed the development will span 240 hectares of land stretching 8km along the River Tay.

It is estimated that more than 9,000 new jobs will also be created as a result of the investment in the city.

'International profile'

Mike Galloway, director of city development with Dundee City Council, said: "The dramatic growth in business, leisure and family tourism will create demand for new accommodation, restaurants, bars, retail and a wide range of supplementary goods and services.

"For example, we estimate the city will need 500 additional bed spaces - or five hotels offering 100 beds each - on top of our current complement of 1,250."

He added: "The Dundee Waterfront Project is a 'once-in-a-lifetime' development opportunity and we are receiving interesting inquiries from around the UK, and further afield, which reflects the growing international profile that Dundee is earning as an interesting investment hot spot."

A series of road shows are being held across the UK to outline the scale of the tourism opportunity, with the first due to take place in London on 9 October.

Others will follow in Aberdeen on 20 November and Edinburgh and Glasgow on 10 December.

The Dundee Waterfront Partnership is a joint venture between Scottish Enterprise and Dundee City Council.

The project aims to transform the Tayside economy and secure existing and attract new high value service sector jobs to the area.