Plans have been revealed for a £50m investment to turn a former Debenhams store on Edinburgh's Princes Street into an upper upscale hotel, spa and sky bar.
Legal & General, on behalf of the L&G UK Property Fund, intends to transform 109-112 Princes Street, with plans for a ‘fine casual' dining restaurant and a new shopping space.
Pre-application consultation proposals will be submitted before the end of the month, with an online public consultation, followed by a planning application.
Matt Jarvis, senior fund manager at Legal & General, said: "As normality begins to return around the world, it has never been more important that we support the UK's cities in continuing to adapt, change and innovate; supporting their economic recovery and continuing to promote them as attractive places to live, work and visit. Our vision for Princes Street will do just that, whilst securing these important buildings as a vibrant hub in the centre of one of the world's great cities."
Cammy Day, deputy leader at Edinburgh City Council, added: "Legal & General's project promises to inject a huge amount of investment in our city and create brand new jobs at a time when we need it most.
"In many parts of the world, development is stalling as a result of the pandemic. That's not the case in Edinburgh. It's clear that companies remain confident in the enduring appeal of Scotland's capital as an attractive place to invest and this news should be viewed as a real confidence boost in our economy.
"Subject to planning, it will convert a prime site with stunning views and help to support the city's wider recovery from Covid-19 – something all of us will benefit from."
The hotel will be another premium addition to the street's hospitality offering, with Red Carnation planning to give 100 Princes Street, a former private members' club, a multimillion-pound renovation to turn it into a hotel with approximately 30 bedrooms.