Deramore has signed-up Gilbert Ash contractors for the construction contract for the development which involves the partial demolition of existing listed buildings, to make way for a new 30,000 ft flagship retail store for New Look retailers arranged over basement, ground and first floors.
The five storey upper floors will accommodate a 97 bedroom hotel for Whitbread-owned Premier Inn which boasts spectacular views over Edinburgh Castle. The development will be a welcome addition to the west end of the city’s famous Princes Street.
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Cameron Walker, Director at Archial Architects, said: "This development is the first on this part of Princes Street for many years and is set to provide an excellent new building to complement the Council's 'String of Pearls' concept."
Deramore Property Group's Darren Lonergan said: "Despite the challenging economic times, we look forward to working closely with Archial, our design team along with Gilbert Ash and to deliver this exciting development for our tenants."
The strip out of the retail areas of the site at 121-123 Princes Street began in December, with the main contract and partial demolition of the existing buildings due to start this month.
The development will take two years to build and is set to open in 2012. The scheme is expected to create more than 100 jobs during construction and up to 200 more jobs for retail and hotel staff once it is open.
(GK/BMcC)
