Coakley Business Park will be built specifically to prospective clients’ requirements on a four-and-a-half acre site which has now been prepared at the former headquarters of Dundee firm Low & Bonar, on Faraday Street overlooking the Camperdown interchange on Kingsway East.

The proposal includes four purpose-built pavilion-style buildings, designed by architect Ian Burke Associates, which will provide 75,000 sq ft of office space for multiple firms.

Fully occupied, the three and four-floor office buildings will house up to 700 employees.

It is anticipated that the construction will create a further estimated 120 jobs during a phased building programme over two years.

The company said the offices will be built to an “extremely high standard” and will provide flexibility, allowing buyers or tenants to tailor the facilities, such as the communications infrastructure, to their particular needs.

The development will also have a large car park in landscaped grounds.

Gerry McCluskey, partner with leasing agents J & E Shepherd, said, “Coakley Business Park reflects the confidence in and commitment to the current Tayside commercial property scene and this has the potential to attract organisations to Dundee, as there has been a lack of good quality office space of this type in the city.

“This is even rarer in that, as an option, the offices will be available for sale, either floor by floor or as complete buildings.

“In all other cases, top class office accommodation in Dundee is only ever available for lease, hence this represents a unique opportunity for businesses wishing to purchase office property as an investment.

“Dundee has a seen resurgence in recent years in the number of firms willing to expand and invest there.

“We are confident that this will provide us with a number of potential clients who will want to use Coakley Business Park as the perfect base from which to do business.”