Retail therapy to transform Princes Street into a hospitality hub
June 4 2021
Legal & General has won unanimous consent from Edinburgh planners to press ahead with the £50m transformation of an obsolete department store on Princes Street into a hotel and hospitality hub.
Led by ICA Architects with project manager Gardiner & Theobald and heritage adviser Turley the work will repurpose 108,000sq/ft of vacant retail space across three listed properties at 109 to 112 Princes Street.
In its place a 207 room hotel will be inserted, supported by a restaurant, lounge, spa and rooftop bar. A pedestrian link to Rose Street will also be established, connecting to a new public event space and lined by commercial units behind a 'delicate curtain' of glass-fibre reinforced concrete.
Bill Hughes, head of real assets for Legal & General Investment Management, said: “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.”
Construction work could begin in 2022 with the hotel opening in 2024, with the project team aiming for a BREEAM Excellent rating and a carbon reduction gold standard.