A man reportedly stabbed a woman before turning a knife on himself multiple times.
Emergency services — including eight police vehicles and an ambulance crew — were called to West Pitkerro Industrial Estate just before 5pm on Wednesday.
A man and a woman were taken to Ninewells as a result of the “serious assault”.
Police Scotland have launched an investigation into the incident.
A spokesman for the force said: “Police Scotland can confirm that officers attended at a retail premises within the West Pitkerro Industrial Estate in Dundee following a report of a serious assault.
“The incident was reported to police at 4.50pm.
“A 54-year-old man and a woman were taken to Ninewells Hospital with serious but not believed to be life threatening injuries. Inquiries are ongoing.”
Jim Petrie, a business owner in the estate, said he had never seen so many police officers in his life.
He added: “There were police everywhere and there was a guy lying on the ground with about four police officers surrounding him. There were about eight police cars in total and an ambulance there too.
“Police dogs were out searching the area too. Later on, people were saying that it had been a stabbing.
“It’s a pretty quiet estate so I have not seen anything like it before. I have never seen so many police in my life.”
Graham Campbell, 61, a buyer working in the area, said: “I came out of my work and I saw police cars all over the place.
“I couldn’t get through the way I usually go to get home. There was tape up too — I was wondering what was going on. It was a bit of a shock.”
One witness to the aftermath said police dogs were at the scene behind the Sainsbury’s supermarket, with the area taped off.
He said: “The dogs were out searching in the trees and there was police tape around the wooded area.”
A Scottish Ambulance Service spokesman said: “We received a call at 4.51pm to attend an incident at an address on Ainslie Street.
“We dispatched two ambulances and the first unit arrived on scene at 4.56pm. Two crews travelled to Ninewells Hospital.”