Legal & General has appointed JLL to seek offers for the former Debenhams department store on Princess Street in Edinburgh.
The property, spanning across 116,000 sq ft over nine floors, has a planning consent in place, allowing the transformation of retail facility into a boutique hotel, comprising up to 210 bedrooms.
Predicted gross domestic value of the redevelopment project stands at £100m.
The proposed hotel features a rooftop restaurant alongside a café and wine bar on the lower levels. The plans also include a spa and wellness facility.
Once complete, the development is set to achieve a BREEAM Excellent rating and the Carbon Reduction Gold Standard according to Scottish Technical Standards.
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.”
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Image © McAteer
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