JLL has launched 109-112 Princes Street, Edinburgh – the former Debenhams department store – to the market.
The property benefits from existing planning consents for the redevelopment and change of use to form an upscale hotel of up to 210-beds and extending to c. 116,00 sq ft over nine floors.
Boasting highly prominent prime frontage on Princes Street – Edinburgh’s most recognisable thoroughfare – the hotel has the potential to benefit from foot traffic levels in excess of 400,000 pedestrians per week. The proposed hotel will benefit from rooftop bar/restaurant with uninterrupted views over Princes Street Gardens and on to Edinburgh Castle as well as a café and wine bar on the lower levels. The plans also include an urban spa and wellness facility.
Once complete, the property is also set to achieve a BREEAM rating of Excellent and the Carbon Reduction Gold Standard according to Scottish Technical Standards, placing sustainability as a key priority.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.”