This month, Scotland’s Fair City of Perth will celebrate its 10-year anniversary after winning city status back in March 2012 as part of the Queen’s Diamond Jubilee celebrations. It became Scotland’s seventh city, heralding the prospect of a prosperous new chapter for Perth and its community.

Situated in the heart of Scotland, on the banks of the River Tay, Perth has huge historic significance. By the 12th century, it had been awarded the established title of a Royal Burgh and was known as Scotland’s ‘effective’ capital, frequently hosting the Royal Court. 

Since becoming a city there has been significant investment and Perth is very much in growth mode. According to Invest in Perth, the local economy has expanded by 12 per cent in the past 10 years, generating £4 billion GVA in 2019. Perth’s residential market is also on an upward trajectory.  Savills research shows that the average house price in Perthshire has risen by 24 per cent over the past 10 years to £176,549 today.

The current Perth and Kinross Local Development Plan (LDP) suggests a positive future, with developments taking place within the transport, residential and commercial sectors. The Cross Tay Link Road, opening in 2024/25, will realign a section of the A9, provide a new bridge over the River Tay and railway and a new junction on the A9. It has been designed to alleviate traffic congestion in the city centre and to promote the accessibility of the city and its surrounding area, ultimately facilitating economic development. 

Residential and commercial developments are underway as part of the West of Perth Project, with the LDP proposal focusing on investment in infrastructure and land in order to create a new green extension to the city. Perth has ambitions to be one of the smartest, greenest cities in Europe and this £500 million development is taking an integrated approach to logistics, energy, transport and housing. 

The Eco Innovation Park will include a ‘knowledge hub’ within 26 hectares of commercial land, delivering 1,080 net new jobs and an additional GVA of £65 million per annum for the city once completed. Its residential element will employ the Scottish Government’s ‘Designing Streets’ approach, with three neighbourhood centres connected by a pedestrian and cycle-friendly street network. Perth West is zoned for more than 3,500 new homes, of which 875 will be affordable.

Recent investment projects include Perth Theatre’s £16.6 million makeover in 2017. Its restored Edwardian auditorium, 200-capacity studio theatre and new bar and café has generated an influx of visitors to the city centre, as well as new jobs in the creative arts. 

Perth’s cultural offering will be further expanded with the reopening of the City Hall. Planned for Spring 2024, this £26.5 million investment will deliver a new museum where Perth & Kinross’s Recognised Collections of National Significance will be on display, including the iconic Stone of Destiny, so central to Perth’s cultural heritage. In addition, the £90 million leisure centre redevelopment will create a cutting-edge facility, built to energy efficient Passivhaus standards. Scheduled to open in 2027/28, and as part of the wider regeneration strategy for Perth and Kinross, the new attraction is expected to grow annual Perth visits from 400,000 to 562,000.

These exciting projects come at a time when Perth’s high street, along with many others across the UK, has faced challenges. Even before the pandemic, it had been compromised by the rise in online shopping, leading to a plethora of vacant stores. This has only worsened over the past 24 months during which time there has been a steep decline in shoppers. Corporate business failures, with the likes of Debenhams and Gap withdrawing from physical stores, have led to more vacancies. 

However, as restrictions finally ease, shoppers are returning. It is anticipated that recent and future investments in Perth’s leisure and cultural facilities  will attract new visitors with spending power to the city centre. At the same time the considerable number of new residents in the city will further add to retail footfall.

Often referred to as the Gateway to the Highlands, Perth has one of the most central and scenic locations in Scotland. It boasts a past steeped in history, and a future based on sustainable development to ensure it remains a vibrant place in which to live, work and invest for years to come.

Further information

Contact Hannah Belford or Stuart Moncur

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