The proposals will create a new hotel and city centre ‘hub’ including shopping, dining, hospitality, leisure and event space.

Legal & General announces, on behalf of the L&G UK Property Fund, that it will invest over £50 million into a major regeneration project at 109-112 Princes Street, Edinburgh. Currently an under-utilised retail premises, the building of significant architectural heritage and history in Edinburgh will be transformed into a vibrant destination.

 

With unparalleled views directly onto Princes Street Gardens and Edinburgh Castle, Legal & General’s plans for Princes Street will create a major new destination in Edinburgh, delivering the footfall Princes Street needs to continue to thrive.

 

The company has a significant track record in similar transformational urban regeneration projects and has invested billions of pounds into schemes across the UK, in cities such as Cardiff, Salford, Newcastle and Sunderland. Using its varied capital streams, Legal & General is committed to reshaping the urban landscape by recycling hard-earned UK savings and pensions into real assets which promote job creation and can support cities’ post-Covid economic bounce back.

 

The proposals for 109-112 Princes Street include a Sky Bar, Basement Spa, ‘fine casual’ dining and a new shopping close, linking through to Rose Street; all open to the public. It is envisaged that the plans will help realise the council’s long held ambitions to create a café culture in Edinburgh’s most famous street.

 

The Upper Upscale Hotel will have its own independent identity, reflecting the energy, culture and history of Edinburgh, and operate utilising the best available local produce for the food and drink offer. In line with Legal & General’s wider ESG commitments, the scheme is targeting ‘BREEAM’ Excellent status and will look to maximise social value through local resourcing and employment throughout the development and operational phases.

 

Matt Jarvis, Senior Fund Manager at Legal & General, comments:  “As normality begins to return around the world, it has never been more important that we support the UK’s cities in continuing to adapt, change and innovate; supporting their economic recovery and continuing to promote them as attractive places to live, work and visit. Our vision for Princes Street will do just that, whilst securing these important buildings as a vibrant hub in the centre of one of the world’s great cities. With some of the best views anywhere, looking directly on to Princes Street Gardens and Edinburgh Castle, our aim is to create a space which all Edinburgh and Scottish residents can enjoy, whilst continuing to attract quality tourism to the city. For the L&G UK Property Fund, this represents a exceptional opportunity, in line with its strategy to diversify into more operational and alternative assets, and offering a platform to drive forward value for investors.

 

Cammy Day, Deputy Leader at Edinburgh City Council, comments:  “Legal & General’s project promises to inject a huge amount of investment in our City and create brand new jobs at a time when we need it most. In many parts of the world, development is stalling as a result of the pandemic. That’s not the case in Edinburgh. It’s clear that companies remain confident in the enduring appeal of Scotland’s Capital as an attractive place to invest and this news should be viewed as a real confidence boost in our economy. Subject to planning, it will convert a prime site with stunning views and help to support the city’s wider recovery from Covid-19 - something all of us will benefit from”

 

Pre-Application Consultation proposals will be submitted before the end of the month, with an online public consultation taking place, rather than a public event due to Covid-19 restrictions. A planning application will follow the consultation. The opening of the development will depend on the timescale for any planning approval.

 

We will share more details as they become available.

 

Hotel News Scotland


Hotel Suppliers
14 January 2021

Opinion: What should Hoteliers be planning in 2021?

Now, more than ever, hotels need to be doing what they can to maximise revenues and ensure they are taking advantage of …

Read More
Hotel Suppliers
13 January 2021

Good Order: Free Ordering App Until May 2021

The Full Range, one of Scotland's leading food procurement agencies partnered with the Nurture Agency to launch the Good…

Read More
Edinburgh
28 December 2020

For the first time in history The Balmoral Hotel's iconic clock will not change on Hogmanay

For 118 years, the hotel's majestic clock has run 3 minutes fast to help the people of Edinburgh catch their trains.

Read More
Perthshire
18 January 2021

Proposals Revealed for New Four-Star Hotel in Perthshire

The plans include the construction of a four-star Hotel with 120-150 guestrooms over four storeys, aiming to accommodate…

Read More

If you need marketing support for your hotel or tourism business please visit our partners tourismmarketing.agency