Belfast based Deramore Property Group has received full planning permission from the City of Edinburgh Council for their proposed redevelopment of 121-123 Princes Street, Edinburgh.

The site at the west end of Princes Street, currently covered by scaffolding due to the dilapidated state of the stonework, is to be transformed into an exciting new retail space at street level and high quality hotel accommodation on the upper floors.

The City of Edinburgh Council has adopted a concept known as the "String of Pearls" as part of its long term vision for the regeneration of Princes Street.

Deramore Property has sought to incorporate this vision into their proposal by reinvigorating the site at 121-123 Princes Street with a multiple-use space for visitors and residents of Edinburgh alike.

The site is to be transformed into retail and hotel accommodation space. A total of 30,000 square feet over three floors (basement/ground/first) has been pre-let for a New Look flagship store. Further to this, a hotel comprising 97 bedrooms is to be operated on the upper floors.

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Darren Lonergan, Managing Director of Deramore Property Group, said: "We are delighted with this positive outcome. We have worked hard with City of Edinburgh Council to get to this final stage in the planning process. The Council has been very cooperative and we are so pleased that they share our enthusiasm and vision for 121-123 Princes Street and have awarded us planning permission."

It is anticipated that the project will create more than 200 construction jobs in addition to around 200 jobs for retail and hotel staff.

Deramore plans to be onsite later in 2009 to begin work to transform these buildings. The innovative plans are respectful of Edinburgh's built heritage with Archial Architects' design for the 21st Century incorporating the integrity of Edinburgh's West End.

Cameron Walker, Director at Archial Architects, said: "The location, condition and particular configuration of this site provided a challenging brief to create the type of new retail and hotel space which operators require for the 21st century. We are delighted that the planning committee have endorsed our proposals which will bring much needed reinvigoration and investment to this part of Princes Street."

The retail space has been pre-let to New Look, who will open a flagship store at this location whilst retaining their store within Princes Mall.

(GK/JM)