Plans are being drawn up to transform the former headquarters of Scottish Provident in Edinburgh into a £120m luxury hotel.
Peveril Securities, the development arm of the construction company Bowmer & Kirkland, has bought the property on St Andrew Square, which has stood empty for four years, for about £20m, with a view to turning it into a five-star hotel.
It is the second prestigious hotel being planned for St Andrew Square, which is where upmarket department store Harvey Nichols is located. In November 2011 a planning application was made for the conversion of the former head office of Scottish Life on the west side of the square into a 103-bedroom hotel.
Bowmer & Kirkland is currently developing two hotels to be operated by Hilton Worldwide at the new National Football Centre at St George's Park, Burton-on-Trent, Staffordshire.
By Janet Harmer
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