The former Debenhams department store at 109-112 Princes Street in Edinburgh has been put up for sale as a redevelopment opportunity.
The property benefits from existing planning consents for the redevelopment and change of use to form a high-end hotel of up to 210-beds extending to circa 116,000 sq ft over nine floors.
Plans for the new hotel include a rooftop bar and restaurant offering views over Princes Street Gardens and Edinburgh Castle, a cafe and wine bar on the lower levels and an urban spa and wellness facility.
Kerr Young, head of UK national hotel transactions at JLL, which has been appointed to market the property, 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.”
