Matt Jarvis, senior fund manager at Legal & General, said: “Through our plans, we are looking to create a vibrant destination spot in the middle of Princes Street, providing a new hotel, restaurant and sky bar which provides some of the best views anywhere in the city. It will be a space where Edinburgh residents and visitors can enjoy a unique experience, whether that’s fine dining, drinks or just a stroll through the new link to Rose Street.

“In line with Legal & General’s commitment to inclusive and sustainable investment, we will look to achieve a BREEAM ‘Excellent’ rating on the scheme, ensuring that it meets high levels of environmental, social and economic performance, as well as creating new jobs for local people.”