L&G’s proposed £50m regeneration of the vacant 10,000 sq m (108,000 sq ft) former Debenhams store on Princes Street, Edinburgh has been approved by Edinburgh council planners.
The store spanned three separate listed properties at 109 to 112 Princes Street and the redevelopment will create a new “hospitality hub” and 207-room boutique hotel. Plans include a publicly accessible restaurant, lounge, spa and rooftop bar.
A new pedestrian link between Princes Street and Rose Street will also be created along with new shopping, dining, hospitality, leisure and public event space.
“The UK needs urban centres that are fit for purpose and support growth,” Legal & General Investment Management head of real assets Bill Hughes 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.”
Montagu Evans is planning consultant on the scheme, the architect is ICA, project manager is Gardiner & Theobald and townscape and heritage advisor is Turley.
Construction work is expected to begin in 2022 with the new boutique hotel scheduled to open in 2024.