End of story for Edinburgh branch of Waterstone's

Published on Friday 24 December 2010 13:35

TWO major outlets at the East End of Princes Street are about to shut up shop to make way for a major hotel and retail development.

Waterstone's bookshop at 13-14 Princes Street will close for the last time today.

And nearby Burger King is due to pull down the shutters at the end of March.

Two other shops, Scotch House and a branch of Boots, which have been short-term tenants in the same block, will also close within the next three months.

Work is then expected to start almost immediately on the 12 million redevelopment of the building, creating refurbished ground-floor retail

units and a major new hotel on the upper floors.

The firm behind the proposals, Aberdeen Property Investors (API), a subsidiary of global giant Aberdeen Asset Management, believes the new scheme will link in with the proposed St James Quarter development around the corner. Planners gave the go-ahead last month.

The closure of Waterstone's East End store means the loss of 17 jobs, though the company hopes to be able to redeploy staff to its other Edinburgh shops, including the branches in George Street and the West End of Princes Street.

Branch manager Colin McGinty will become manager of Waterstone's at Fort Kinnaird.

A Waterstone's spokesman said: "We are in consultation with the staff at the moment and hope to find alternative employment in the business for everyone who wants it."

He said the company was sorry to be shutting the branch.

"It's a lovely store with a great past, but it's completely out of our hands. It's a shame, but there are other good Waterstone's in Edinburgh."

API said Burger King's lease on the property at 10 Princes Street was due to expire at the end of March, the Boots lease at the same time and the Scotch House lease slightly earlier.

A spokesman said: "The plan is for work to start as we get vacant possession of the property."

The shop units, which will be aimed at big-name retailers, are expected to be ready from mid-2012 onwards.

The hotel is due to open in late 2012 or early 2013.

None of the current shop tenants is expected to return to the building following the redevelopment.

The hotel, which is expected to be four- or five-star, will be in competition with the Balmoral Hotel across the road.

The developers are not saying whether they have an operator lined up for the site.

Earlier this year, Councillor Tom Buchanan, the city's economic development leader, said the development would bring the council's "string of pearls" project – which aims to improve the quality of offerings on Princes Street – a step closer.

The East End development is set to become the third new hotel in Princes Street, with plans under way for a new Premier Inn at number 121-123 as part of developer Deramore's 40m scheme, which also includes New Look. Sir Stelios Haji-Ioannou's easyGroup empire has opened its first Edinburgh easyHotel at 125a Princes Street.