The Evolution of Princes Street
Princes Street lies at the forefront of Edinburgh’s New Town, nestled under the shadow of Edinburgh Castle, and serves as the Highstreet dividing the Old and New Town.
Once renowned for its bustling high-street brands and must-visit shops, Princes Street is now characterised by a mix of Scottish souvenir stores offering tartans and keepsakes, alongside boarded-up retail spaces. Edinburgh’s unique character is deeply rooted in its rich history and iconic architecture, while the contrasting New Town embodies the city’s cultural evolution and modern vibrancy. This contrast not only enhances the city’s appeal to tourists but also helps preserve a strong cultural identity for both locals and those who work in the city.
History of Princes Street
Edinburgh’s Old Town is a living testament to the city’s medieval past, with its narrow, winding streets, towering tenements, and hidden closes. Dating back to the 12th century, it was the original heart of Edinburgh, with the Royal Mile serving as its main artery. Known for its marketplaces, cathedrals, and tight-knit communities, the Old Town was thriving, but by the 18th century, it had become overcrowded, sparking the need for cleaner and more spacious housing.
In response, James Craig designed the New Town, which represented a departure from the chaotic nature of the Old Town. With its grid-like pattern and wide streets, the New Town embodied the ideals of order, making Princes Street quickly become the focal point of Edinburgh’s commercial life, attracting the city’s wealthiest residents and most prestigious businesses. It was lined with grand hotels, shops, and elegant townhouses.
But in recent years, Princes Street has faced new challenges. The changing demands of shoppers and swift change in retail behaviour moving online and the recent completion of St James Quarter, one of our projects in 2021, further impacted footfall and demand on Princes Street.
Despite these challenges, Princes Street continues to evolve, reflecting the broader trends of urban regeneration and mixed-use development. With numerous stores and businesses being closed or boarded up, the opportunity for transformation and regeneration has sparked—a full-circle moment, if you will—as the construction and redevelopment of buildings reflect residential living and the luxurious hotels reminiscent of the 18th and 19th centuries.
Opportunities for Regeneration
Edinburgh’s Princes Street is currently experiencing a renaissance, as we begin to see a shift from the traditional retail that has dominated the area for the past few decades to a dynamic mix of hotels, residential spaces, and leisure spots.
This regeneration trend is quite apparent throughout the city, for example St Andrew Square. Like many urban areas within the city, St Andrew Square experienced a bit of a decline in the 20th century. Businesses began to move to more suburban locations, and the square, along with the surrounding buildings, aged and lost much of its former vibrancy. The square itself, originally intended as a private garden for residents, became neglected and underutilised. However, with funding from the City of Edinburgh Council and private developers, St Andrew Square has been transformed into a vibrant, mixed-use space.
The success of this regeneration lies in its versatility. It includes improvements to the public realm, the revitalisation of the square itself, as well as enhancements to surrounding commercial and retail development in the area. For example, the former headquarters of the Royal Bank of Scotland at the center of the square was repurposed as The Edinburgh Grand, a luxury hotel that also includes residential apartments and a lively restaurant scene. The regeneration of St Andrew Square was carefully planned to integrate with the surrounding New Town and the wider city.
St Andrew Square’s regeneration showcases the success that can be achieved through thoughtful urban planning and placemaking alongside strong public-private partnerships. By drawing on these principles, Princes Street is undergoing a similar transformation, evolving into a vibrant, mixed-use destination that honors its past while embracing the future, and we are excited to be a part of such a transformation!
New Developments on Princes Street
At Wallace Whittle, we are thrilled to be part of the ongoing transformation and redevelopment of Princes Street. With our Edinburgh office located on nearby Thistle Street, Princes Street is not only geographically close to home but also holds symbolic significance for many of our staff members. We believe that the new regenerative projects we are currently involved in will breathe new life into the area, benefiting both locals like us and the many tourists who visit Edinburgh each year.
We are currently involved in four major developments on Princes Street: Ruby Hotel, Criterion’s Zedwell Hotel, Old Waverley Hotel, and Hunter REIM’s Apartments. This mix of hotels and residential apartments will help to guide Princes Street in a new direction—one that reflects both its historical character and its future potential.
The Ruby Hotel, developed by Hunter REIM at 104 to 108 Princes Street, will be the first of its kind in Scotland and represents the most significant single investment on Princes Street since the Johnnie Walker Experience. The hotel will feature approximately 300 rooms across seven floors, along with a rooftop terrace offering panoramic views. This development will incorporate fully electric and fossil fuel-free MEP systems, aligning with modern sustainability standards while respecting the historical and architectural significance of the surrounding area.
Criterion’s Zedwell Hotel will transform the former Debenhams building on Princes Street into Scotland’s first Zedwell hotel. The hotel will feature the brand’s signature ‘cocoon’ bedrooms, designed with noise-reducing walls, floors, and doors, complemented by warm ambient lighting. As the MEP and Sustainability Consultants on this project, we are ensuring the design is both efficient and sustainable. Zedwell will be fully electric, significantly reducing carbon emissions.
The Old Waverley Hotel, a historic establishment dating back to 1848, is also undergoing significant renovations. This B-listed building will see several changes to both its interior and exterior, including the addition of a new ground-floor restaurant and bar while retaining the four existing retail shops fronting Princes Street. On the first floor, the reception and front-of-house areas will be relocated to create space for additional bedrooms, along with the installation of new passenger and service lifts. We recently worked with the design team to secure planning consent for further roof-level extensions and refurbishments, and class 3 food and beverage planning approval.
The Hunter REIM Apartments on Princes Street will consist of 30 serviced units operated by Destiny Scotland. The proposal for this site includes restoring and refurbishing the interiors of the buildings at 72-77 Princes Street and 1-5 Hanover Street while preserving all the ground-floor retail premises at the corner location. In addition to the extensive restoration work, the plans will activate 2,250m2 of previously unused space on the upper floors and include a rooftop extension. As MEP and Sustainability Consultants on this project, our role extends beyond lighting, heating, power, and ventilation—we are also prioritising sustainability with a focus on reducing carbon emissions during construction, and end-use emissions.
Full Circle
Princes Street is returning to its roots with a resurgence of hotels and residential developments reshaping the area. While some express concerns about the proliferation of hotels, these reflect broader anxieties about urban development in Edinburgh. The historic city is shifting toward designs that emphasise placemaking, encouraging people to live, work, and socialise in close proximity.
Preserving the unique character of Princes Street is essential, alongside the need to adapt to the changing demands and evolving needs of the city. By carefully balancing heritage conservation with new development, Princes Street can remain a vital part of Edinburgh’s identity, offering a blend of old and new that honours the past while embracing the future
Edinburgh’s hotel sector is outperforming the UK national average in revenue growth, according to Cushman & Wakefield, and with more than £170 million in investment transactions occurring in the city’s hospitality sector last year, this year-on-year growth suggest that Princes Street is returning to its 18th-century roots as a hub of hospitality and accommodation.
At Wallace Whittle, we are deeply committed to preserving heritage and the cultural significance of Edinburgh’s historic buildings. Our portfolio reflects this dedication, from our work on the new St James Quarter to our ongoing projects across the city, including commercial fit-outs and restorations of Category A and B listed buildings.
To learn more about our projects on Princes Street, please reach out directly to our Edinburgh Director, Stephen Osborne, or contact us at [email protected]
