“We’ve had a lot of interest,” says Will Scarlett, director of residential developments at Rettie & Co, which is selling the building. “It probably runs to around 30 inquiries and that’s without any advertising.”
Unconnected to this private sale is a 10-year scheme, led by the Edinburgh City Centre Management Company, an independent organisation set up to revitalise the heart of the capital, which could see several hundred luxury apartments appearing above the shops on the famously one-sided street. Estimates of the cost of the redevelopment range between £200m and £1 billion.
Simon Fairclough, of the Edinburgh Solicitors Property Centre, is convinced the kudos of a Princes Street address will attract buyers. “I’m sure there would be a demand,” he says. “Obviously the view would optimise saleability. Just think of watching the fireworks — what a party you could have.”
Gordon Reid, chief executive of the city-centre management company, says much of the space above the shops has been underused for years. Many of the bigger stores lease an entire building, sometimes with as many as four or five floors. The first two or three floors are used for trading and storage while the upper storeys simply gather dust.
“One of the obvious uses of these upper floors is residential,” says Reid.
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Scarlett adds that when property values were lower, both property owners and leaseholders were happy with the existing arrangement. However, with property prices rocketing in the past few years, it now makes financial sense for available space to be converted. Although he declines to be drawn on details, Scarlett says Rettie is also currently acting as a consultant on several other residential plans for the street.
A lot of work has already been carried out on the second and third floors above Burger King. Floors have been removed and rebuilt, staircases reconfigured and a new roof completed. A private lift from Castle Street is planned for residents and there will be room behind the building for two parking spaces.
And that is the potential snag with any residential development in Princes Street. With most of it off-limits to cars, just where do you park the Porsche? One solution, according to Gordon Reid, is to build underground car parks. Another is to install car lifts and park on the roof — Boots in Princes Street already does this. Otherwise drivers will face finding a much sought-after parking space a few hundred yards away in George Street or the west end.
Noise could be another potential drawback, although Fairclough insists building regulations are now so tight that good quality sound insulation comes as standard.
It is not the first time that this road has given planners headaches. In 1954, the Princes Street Panel was established to regulate development.
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It visualised Princes Street refashioned from end to end with first-floor balconies running like a terraced walkway. The walkway was never completed and critics claim the street has since become an undistinguished patchwork of shop frontages.
Dutch company AM Developments, working with Reid and his team, is expected to propose demolishing certain buildings to make way for larger department stores, shopping centres and alleyways to Rose Street and George Street.
Both Reid and Fairclough are convinced the changes will entice top-of-the-market buyers back onto the capital’s main shopping thoroughfare. Much has been made of plans to market the properties overseas to attract international businessmen, but Fairclough believes closer to home is a good enough starting point.
“I wouldn’t even try to pin it down,” he says. “Properties on Princes Street, I think, would simply appeal to anyone who really wants to see a lot of life. I certainly don’t think it would attract many recluses.”
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Rettie & Co, 0131 220 4160