Developers buy House of Fraser Princes Street store

Property developers Parabola have snapped up the House of Fraser store on Edinburgh’s Princes Street, one of Scotland’s most iconic department stores.

Agents handling the sale of the site, which has had a department store on it since 1894, said it had gone for a price “significantly in excess” of its £13.7 million price tag.

Prior to the sale they had highlighted the fact that the prime location at the west end of Princes Street could be transformed from a retail business into a flagship hotel.

Edinburgh-based Parabola’s swoop comes months after unveiling plans for a new £500 million “urban quarter” on the outskirts of the capital.