Former Edinburgh Debenhams brought to market
Legal & General has brought the former Debenhams department store on Edinburgh’s Princes Street to market.
A £50m revamp of the property which would see the former store converted into a 207-bedroom hotel was given the green light by councillors in 2021.
Also included in the proposals is the creation of a rooftop bar and restaurant, a café and bar on the lower floors, and a spa and wellness facility.
JLL, which has been appointed to market the property, said the potential hotel would benefit from a footfall of over 400,000 pedestrians per week due to its position on the prominent shopping street.
Kerr Young, head of UK national hotel transactions at JLL, said: “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.
“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.”