Legal & General, on behalf of the L&G UK Property Fund, is planning to invest over £50 million to create a new Edinburgh hotel, including a Sky Bar, and ‘hub’ with shopping, dining, hospitality, leisure and events facilities. The hotel will have its own identity, ‘reflecting the energy, culture and history of Edinburgh’ and 109-112 Princes Street, currently occupied by Debenhams, is the site earmarked for the project.
The proposals will Pre-application consultation proposals are set to be submitted before the end of July, with an online public consultation taking place regarding the development. A planning application will follow the consultation.
Said Matt Jarvis, Senior Fund Manager at Legal & General, “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.”
Legal & General has invested in schemes across the UK, in cities such as Cardiff, Salford, Newcastle and Sunderland.