A luxury hotel complete with a spa and rooftop bar is set to replace Debenhams on Edinburgh's Princes Street in an incredible £50million plan.
The department store will be transformed into a city centre 'hub' boasting incredible views over Edinburgh Castle.
The four-star hotel will also have a new shopping close with stores, restaurants and cafes open to the public and accessible through Rose Street.
Financial services firm Legal and General said the hotel will make use of the historical building when it is transformed into a 'vibrant destination' for tourists and locals.
The firm, on behalf of the L&G UK Property Fund, will invest over £50 million into the major regeneration project on Princes Street.
It is hoped the new plans will help the council to create a café culture in Edinburgh’s most famous street.
Residents and visitors will be able to make use of the basement spa, sky bar and shops which will prioritise local businesses.
Matt Jarvis, Senior Fund Manager at Legal & General, said: “As normality begins to return around the world, it has never been more important that we support the UK’s cities in 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 a 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."
