We are pleased to confirm that we have secured £20m equity investment to launch our VOX Build-to-Rent product, with a view to delivering the first of our proposed projects in Dundee.
Planning permission was granted in August 2015 for our vision for the former Dundee College of Commerce site, off Constitution Road, however we have since refreshed our plans and have submitted a new planning application to Dundee City Council.
The existing college buildings opened in May 1970 and overlook the city and the Tay estuary. It remained in operation for over 40 years until its closure in 2011. VOX Dundee will see the rebirth of the former college campus as a vibrant mixed-use community on the edge of the city centre.
The refreshed planning application seeks to create 111 build-to-rent apartments with car parking and 24 serviced apartments. There are plans for a new café fronting Constitution Road, and the flats will have incredible views over Dundee. Residents will benefit from a cinema / auditorium, a launderette and an extensive landscaped courtyard. A studio/reception area will facilitate the management of the short stay apartments and ongoing resident support at the development.
The VOX brand marries our expertise in award-winning developments and urban regeneration, repurposing overlooked parts of our cities’ fabric to create busy, vibrant places for people to live.
John Shepherd said: “We are delighted to have formed a new joint venture vehicle for the delivery of VOX, and the £20m equity investment signals a very exciting stage for everyone involved. Our ‘Build-to-rent’ product aims to deliver a vital part of the nation’s housing strategy in our cities, and we’re excited that our first location will be Dundee, given our previous investment in the local area with our successful developments at Parkview and Ashludie House, Monifieth.
“For me personally, it continues my family’s legacy of investing in Dundee and helping to stimulate the locale economy, for which I’m immensely proud. With our VOX product, we aim to create spaces where people choose to live and enjoy the freedom of renting their home.”
Eve McCurrich, adds:“We are exploring further opportunities both in Scotland and across the UK for future VOX locations. However, the support from the Scottish Government in recognising that ‘Build-to-rent’ can offer a professionally managed solution to deliver homes in our cities has been key to our bringing this inward investment into Scotland.
“Dundee is ideally placed for the creation of our first VOX, because the city is vibrant, proactive and forward thinking. We believe that our cities can and should be fantastic places to live. VOX will deliver buildings for people to live without having to compromise on amenity and quality of service, which is so often lacking in the current rental stock.”
This deal also attracted local and national press interest:
See also our VOX website