Landmark hotel building on Princes Street sells for £34m

A NEW landmark building which houses the first hotel to open in Princes Street for 50 years has changed hands for £34 million.

Developer Deramore Property Group has announced the completion and subsequent sale of the retail and hotel development directly opposite Edinburgh Castle to La Salle Investment Management.

The 30,000 sq ft retail unit has been pre-let to New Look on a 20-year lease.

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Deramore also built a 97-bed Premier Inn hotel, on a similar-length lease, on the upper floors of the building.

Deramore director Darren Lonergan said: “It was a very interesting and highly complex development from start to finish.

“We acquired the site in 2008, after it had lain largely derelict and underused for over a decade. We secured planning for a major new retail store on the lower floors and a hotel on the upper floors. It enjoys stunning views.”