Ex-Jenners boss: Princes Street revamp is a waste of time

THE former owner of Edinburgh retail institution Jenners has branded plans to revamp Princes Street as a waste of time.

Robbie Douglas-Miller, whose family sold the famous department store for £46 million in 2005, said that politicians and council officials have been talking about change for 20 years but "nothing has ever happened and I can't think it ever will".

He said it would make no financial sense for most property owners to invest in such a project.

But his comments have provoked anger from business leaders, who say redevelopment will only happen with the co-operation of all the major players.

Mr Douglas-Miller, whose firm JPSE, still owns the Mount Royal Hotel on Princes Street, said: "The council are very good about talking about it (change) – they've been talking about it for 20 years and nothing has ever happened and I can't think it ever will.

"There is no financial incentive for someone to knock down a perfectly serviceable building and put up another one just to fit in with a council plan. It doesn't make any financial sense to do that – it costs millions to knock it down and even more millions to rebuild it. Why would anyone do that?"

He insisted nobody from the city council has approached him to talk through any of the proposals for the future of the street.

And he blamed previous administrations for creating the current "disjointed" look of the street by promoting a previous vision of another level of retail at first floor level, where a number of balconies now sit.

"Most people would prefer a better house than they have," he said. "But if you knock it down and build a new one it won't make a lot of financial sense. Why does anyone think that would be different with a building on Princes Street?

"It comes out every year or two that someone at the council is interested in redesigning Princes Street but they never talk to anyone, as far as I'm aware, that owns a part of the street."

Ron Hewitt, chief executive of the Edinburgh Chamber of Commerce, said: "To hear from a man who has already thrown in the towel that things are not achievable is not what the city needs. The reality is that the redevelopment of Princes Street is necessary and will only be achieved with the co-operation of all the players who can make it happen."

The city council has been promoting a "string of pearls" concept for Princes Street that would see the thoroughfare developed as individual distinctive blocks.

It is currently in the process of drawing up detailed plans for the individual blocks. When published, it will then attempt to attract existing owners or new investors to develop the blocks in line with its vision. It has admitted it has had interest from oil-rich sovereign wealth funds who want to buy up chunks of the street.

Councillor Tom Buchanan, economic development convener said: "I am disappointed that someone who has had a major interest in Princes Street should be so unsupportive of an initiative that aims to bring together those wanting to work collectively to ensure Princes Street is revitalised for the benefit of current and future generations."