Legal & General Investment Management has gained consent for its £50m plans to turn the former Debenhams store on Princes Street in Edinburgh into a four-star hotel with a rooftop bar.
The proposals, which will repurpose 108,000 sq ft of empty retail space, were approved by Edinburgh council’s development management subcommittee earlier this week. Councillors described the scheme as “a good and welcome addition to the street”.
The redevelopment involves three listed properties at 109-122 Princes Street and 144-150 Rose Street. It will offer a 207-bedroom Marriott Tribute hotel, flexible event and retail space, a café and restaurant on the ground floor and a basement-level spa and gym.
Alterations will include demolishing the 1970s concrete structure behind the retained façade at 112 Princes Street, replacing it with a nine-storey structure with a basement.
Construction is expected to begin next year, with the hotel’s launch scheduled for 2024.
Bill Hughes, head of real assets for L&G Investment Management, said: “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.”
Montagu Evans advised L&G on planning matters. The scheme is designed by ICA Architects, while the project manager is Gardiner & Theobald. Turley is providing townscape and heritage advice.
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