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The proposals were described at Development Management Sub Committee as ‘high quality’ and ones that could ‘set the tone’ for the future regeneration of Edinburgh’s famous street.
Legal & General, which owns the three separate listed properties at 109 to 112 Princes Street, welcomed the decision.
The development will create a new boutique hotel and hospitality hub in the city’s Princes Street.
Plans include a restaurant and rooftop bar, a 207 room upscale boutique hotel, spa, a new pedestrian link between Princes Street and Rose Street and new shopping, dining, hospitality, leisure, and public event space.
The public rooftop bar will look directly on to Princes Street Gardens and Edinburgh Castle.
Nida Rehman, Development Manager for Legal & General, said: “We’re obviously delighted with this decision which is both a vote of confidence in our proposals and in the future of Princes Street itself.
"We would like to thank the council who we have worked closely alongside for a number of years and the local business community which came out strongly in support of the proposals.
“This decision is another decisive step forward in the long-term relationship between Legal & General and the City of Edinburgh, and another example of our commitment to helping regenerate city centres throughout the UK.
“The buildings at 109-112 Princes Street have a bright future again as a must visit destination and experience for this and future generations of city residents and visitors.
“There can be little doubt that the views from these magnificent buildings will be fantastic, but we are determined that the experience for people who come to visit, eat, shop, relax and simply spend time will be every bit as special.”
The project has ambitions to be one of the most sustainable developments in the city by targeting BREEAM Excellent and a carbon reduction Gold standard.
The proposals also ensure the careful preservation of historically significant parts of the buildings, which have been past homes to both the city’s Conservative and Liberal Party Clubs, securing them for the future.
Construction work will begin in 2022 with the new boutique hotel scheduled to open in 2024.