Due to open in 2018, the abandoned structure – formerly home to the North British Rubber Company – will house a printmaking studio, two fully accessible galleries, dedicated learning spaces and a deli and wine bar.

The designs also include a shop which will sell original art and a flat for an artist in residence.

To carry out this work, the developers are proposing to convert the existing building by repairing the existing fabric and creating a new entrance on Dundee Street. They also plan to add an extension to the south-east of the existing building and form a new courtyard.

The move to a building which is three times the size of their current home on Union Street, will allow Edinburgh Printmakers to open up its extensive archive of artworks in print to the public.

Page & Park Architects said the plans have been drawn to create a hub which will be “a place to see, learn, make, talk about and explore art.”

Alastair Clark, studio director, said: “This has been a very creative time for Edinburgh Printmakers planning the transformation of Castle Mill Works and developing the scheme with Page & Park. As the culmination of five years development work, we are thrilled to be at this stage in the project and we are delighted with the design of the plans.”

The extensive renovation is due to be open in October 2018, adding to the ever-developing area with the new Boroughmuir High School and plans for a new hotel and new flats which could feature a residents’ rooftop bar.

There are also plans to bring Fountainbridge more into the Fringe fold and make it an ‘absolute Fringe hub’.

Edinburgh Printmakers has already secured 80 per cent of the funding, with plans to secure the final £2m through a public appeal in the coming months.

The new printmaking studio will be located on the top floor which has the advantage of natural light.