Possessive streak
As Professor Linda Dryden has pointed out, an apostrophe either replaces missing letters or, as in this case, implies ownership. Princes Street doesn’t belong to two princes; it is merely named after them, which makes its current name entirely proper and grammatical.
I see from the first page of the index to my London A to Z (bought in 1963) that, in a comparable word usage, there is an Abbot Street and an Abbots Drive (also Gardens, Lane, Park, Place, Road and Way).
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Hide AdHowever, although there is no street with Abbots’ in its name, there are an Abbot’s Green and an Abbot’s Road; presumably both of these do, or at one time did, belong to an abbot.
John McCulloch
Tipperwell Way
Penicuik