UK: Plans have been submitted by Hunter REIM for the development of serviced apartments on Edinburgh’s Princes Street.
The plans by Hunter REIM, on behalf of the Hunter UK Retail Unit Trust, will comprise 30 serviced apartment units operated by Destiny Scotland, which is adding to its existing portfolio in Edinburgh. The proposals will restore and refurbish the interiors of the buildings at 72-77 Princes Street and 1-5 Hanover Street. Additionally, the proposals will retain and preserve all the ground floor retail premises at the key corner site at Princes Street and Hanover Street.
In addition to the major restoration work, the proposals will create an active use for 2,250 square metres of currently unused space on the upper floors and add a roof top extension. The proposals will also include, for the first time at this location, elevator access to previously inaccessible space on the site. The ground floor retail space remains unaffected by the proposals.
These plans would further boost investment by Hunter REIM at Princes Street with an additional £20 million on top of the more than £600 million already delivered or in the pipeline. The developer says it “will bring significant additional visitor spend visitor spend to Princes Street and Edinburgh”.
Bruce Robertson, fund manager at Hunter REIM, said: “We at Hunter REIM are delighted to be able to regenerate, restore and revive this important family of buildings on Princes Street and Hanover Street, especially after we have already secured consent for the new Ruby Hotel Proposals at 104-108 Princes Street. With new legislation of around short term lets, there is a clear opportunity for more high quality, family friendly accommodation in the city centre. We are also delighted to be working with one of the best and most successful local operators in the tourism market, in Destiny Scotland. Destiny has a proud record of delivering a quality accommodation offer, and these proposals will strengthen its presence in the nation’s capital.”
The proposals have been “specially designed to preserve and make better use of” existing buildings which are all Category ‘B’ Listed, with all the buildings in need or significant repair and restoration. The upper floors lie vacant and unused, with extremely limited access restricting their potential.
The proposals have been submitted to the City of Edinburgh Council and if approved, work may begin before the end of 2025 with the new serviced apartments potentially opening in 2026.
Hunter REIM recently received planning consent for a £200 million Ruby Hotel on Princes Street.
