PLANS for a £50 million hub featuring a hotel and rooftop bar on Princes Street have been submitted for approval to the City of Edinburgh Council by Legal & General.

The pensions giant said the proposed development on the site of a Debenhams store would secure the future of important buildings as a vibrant hub in the centre of one of the world’s great cities.

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Supported by the L&G UK Property Fund, the hub will include a four-star hotel, shopping, dining, hospitality, leisure, and flexible event space.

L&G said: “The rooftop bar, which will be open to the public, will have some of the finest views in the country and will create a ‘must visit’ destination in Edinburgh’s city centre.”

L&G owns the buildings that will house the hub, which are category B listed.

The company made its submission to the council after completing a consultation into proposals for the development. These were first announced in July.

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Earlier this month administrators of Debenhams decided to start a wind down of the business which has been facing big challenges.