A prime retail site set for renovation into a boutique hotel and hospitality hub has been put up for sale.
Property consultancy JLL has launched 109-112 Princes Street, Edinburgh – the former Debenhams department store - to the market on behalf of Legal & General. The property has planning and change os use consents for redevelopment into an upscale hotel of up to 210 rooms over nine floors.
With prominent prime frontage on Edinburgh’s most recognisable thoroughfare, the hotel has the potential to benefit from foot traffic levels in excess of 400,000 pedestrians per week.
The redevelopment plans include a rooftop bar and restaurant with uninterrupted views over Princes Street Gardens and on to Edinburgh Castle, as well as a café and wine bar on the lower levels. Proposals also include an urban spa and wellness facility.
Closed for good during the pandemic, the former Debenhams flagship received planning permission for redevelopment in June 2021. The £50 million project was scheduled to begin in 2022 with completion expected in 2024.
“Edinburgh is the UK’s best performing hotel market and one of the most sought after in Europe, having enjoyed sustained growth in average room rates and revenue per available room over recent years," said Kerr Young, head of UK national hotel transactions at JLL.
“109 Princes Street provides an outstanding hotel development opportunity. We have worked with our clients over recent years to optimise the design and density of the proposed scheme, and we anticipate an exceptional level of interest from a variety of owner operators, developers and investors from across the globe.”
Once complete, the property is expectedto achieve a BREEAM rating of "excellent" and the Carbon Reduction Gold Standard.
Glasgow tech company Neuranics secures £1.9m from investors
A tech company based in Glasgow that develops tiny, wearable sensors to detect magnetic fields generated by the organs of the body has raised almost £2 million in funding. Neuranics has secured the £1.9m investment in a funding round led by Edinburgh-based venture capital firm, Par Equity.
XPRIZE to set up first European hub at University of Glasgow
Glasgow is to become the European hub for XPRIZE, an initiative that aims to help solve some of the world's most pressing challenges such as climate change and food shortages through competitive rivalry. The University of Glasgow's Mazumdar Shaw Advanced Research Centre (ARC) will become home to XPRIZE Europe.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here