Legal & General are set to invest over £50M into the major regeneration project on Princess Street in the city of Edinburgh in Scotland.
The proposals for the site, which is 109-112 Princess Street, would see the creation of a new hotel and city centre ‘hub’ that would include shopping, dining, hospitality, leisure and event space. The new development include the addition of a Sky Bar, Basement Spa, ‘fine-casual’ dining and a new shopping close that would all be linked through to Rose Street and be all open to the public.
Matt Jarvis, Senior Fund Manager at Legal & General, commented: “As normality begins to return around the world, it has never been more important that we support the UK’s cities is 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. With some of the best views anywhere, looking directly on to Princes Street Gardens and Edinburgh Castle, our aim is to create a space which all Edinburgh and Scottish residents can enjoy, whilst continuing to attract quality tourism to the city. For the L&G UK Property Fund, this represents an exceptional opportunity, in line with its strategy to diversify into more operational and alternative assets, and offering a platform to drive forward value for investors.”
Cammy Day, Deputy Leader at Edinburgh City Council, commented: “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.”
