Property developer Whiteburn Projects aims to keep the main historical elements of the B-listed red sandstone building in Waterloo Street, with a 14-storey structure built behind it.

It is being advised by property specialists JLL and Phil Reid Associates, with Bennetts serving as architects.

Edinburgh-based Whiteburn hopes to receive planning consent for the project, to be known as The Still, later this year.

David Kilgour, projects director, Whiteburn, said: “The Still will be a building where innovative new ways of working will harness all the elements of today’s rapidly changing technological and cultural environment.

“We‘re convinced The Still will become a building where professional and creative, firms flourish. There will be a real sense of creative urban energy at The Still.”

Work would begin in 2017 with completion scheduled for 2019.