Store 'to quit'

£50m hotel ‘hub’ to replace Debenhams in Princes St

Debenhams store Edinburgh

The department store chain is expected to leave Princes Street

UPDATED 20th July: Debenhams is expected to quit Edinburgh’s premier shopping street to make way for a £50 million ‘hub’, including a hotel, dining and event space.

The troubled department store chain is said to be intent on moving out of the Princes Street unit which is owned by pensions and investment company Legal & General.

Plans have been unveiled for a four star hotel and rooftop spa with views of the castle.

Legal & General confirmed that on behalf of the L&G UK Property Fund, it will invest in a “major regeneration project” that will create a new hotel and city centre ‘hub’ including shopping, dining, hospitality, leisure and event space at 109-112 Princes Street.

“Currently an under-utilised retail premises, Legal & General’s vision will transform 109-112 Princes Street, a building of significant architectural heritage and history in Edinburgh, into a vibrant destination, attracting both residents and tourists to make use of the new facilities,” said the company in a statement.

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“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.”

Legal & General 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.”

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