A £40m hotel development on Edinburgh's iconic Princes Street, designed by Archial Architects on behalf of Belfast-based developer Deramore, has secured planning consent.

Located at 121/123 Princes Street, the ambitious development, which marks the first new hotel on Edinburgh's main shopping street for more than 50 years, comprises some 28,000 sq ft of retail space on basement, ground and first floors already pre-let to clothes chain New Look and a 97 bed Premier Inn with bar/restaurant taking up the second to sixth floors.

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Cameron Walker, Director at Archial Architects, said: "This development is the first significant consent at this end of Princes Street for many years.

"Set to provide an excellent new building for Princes Street, this project marks the first significant consent to complement the Council's 'String of Pearls' concept. Princes Street could really do with another dozen schemes like this and then we will see a significant difference."

One of the largest architecture practices in Scotland and the UK, the Archial Group Plc employs around 200 staff in Scotland, operating from offices in Edinburgh, Glasgow, Aberdeen, Dundee and Inverness.

(GK/JM)