To create a viable development site, Redevco bought in the adjoining property, occupied by Burberry's, and now it has come up with plans for a landmark building featuring four floors of retail, with five floors of offices over. The project has been designed by Scottish architects 3D.
Redevco's managing director, Andrew Vaughan, said: 'This exciting project will be one of Edinburgh's most dynamic developments. It is in the heart of the city, will boast spectacular views and will give rtailer the type and size of space they are demanding.'
In planning terms, the site is highly sensitive. It lies within a world heritage site, and the old Burberry store at 39-41 Princes Street is listed. Subject to planning, construction could begin early in 2002 with a construction period of 14 months.
Jones Lang LaSalle and Culverwell & Co are advising Redevco.
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