// Debenhams’ Edinburgh store to transform into hotel and restaurant
// Legal & General has received planning permission for the £50m redevelopment
// Construction work is expected to begin in 2022 with the hotel scheduled to open in 2024
The Debenhams store on Edinburgh’s Princes Street is set to be redeveloped into a hotel and restaurant after Legal & General Investment Management (L&G) received planning permission.
The £50 million proposal is for the 108,000sq ft of vacant retail space to be redeveloped into a 207-room boutique hotel, restaurant, lounge, spa and rooftop bar.
Construction work is expected to begin in 2022 with the hotel scheduled to open in 2024.
The building was first opened in 1869 to the city’s Conservative and Liberal Party Clubs and was redeveloped into a Debenhams store in 1978.
“The UK needs urban centres that are fit for purpose and support growth,” L&G 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.
“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.”
L&G senior development manager, Nida Rehman said: “We have worked collaboratively with the City of Edinburgh Council to understand their aspirations for the future of Princes Street and create a financially, environmentally and socially sustainable development.
“The scheme will provide an exceptional anchor for the community and deliver best-in-class local services to support the post-Covid recovery.”