L&G said on Friday that it has received approval for the £50 mln (€58 mln) regeneration of the former Debenhams store on Edinburgh’s Princes Street.
The redevelopment, spanning three separate listed properties at 109 to 112 Princes Street, will repurpose 108,000 sq ft (10,000 m2) of vacant, obsolete retail space to create a new hospitality hub and boutique hotel on the famous street. Plans include a 207-room upscale boutique hotel and publicly accessible restaurant, lounge, spa and rooftop bar.
‘The UK needs urban centres that are fit for purpose and support growth,’ said Bill Hughes, head of Real Assets for Legal & General Investment Management. ‘We continue to work hard investing in centres and creatively repurposing real estate to ensure the vitality of urban areas that need to evolve. Our long- term view and operational strategy mean we can adapt and innovate the Princes Street site to harness the full potential of these historic buildings, ensure they support economic growth and bring the widest possible benefit to the city.’
Nida Rehman, senior development manager for Legal & General Investment Management, said: ‘We have worked collaboratively with the City of Edinburgh Council to understand their aspirations for the future of Princes Street and create a financially, environmentally and socially sustainable development. The scheme will provide an exceptional anchor for the community and deliver best-in-class local services to support the post Covid recovery.’
The project has ambitions to be one of the most sustainable developments in the city by targeting BREEAM Excellent and a carbon reduction Gold standard.
Construction work is expected to begin in 2022 with the new boutique hotel scheduled to open in 2024.
