Incorporating new retail spaces, a replacement public house opportunity and a hotel development, the project in the city’s Trongate will be delivered by developer Caledon Property Group.

The site will see the demolition of the former bank premises and retail outlets on the corner of Trongate and Hutcheson Street, together with the Oriental Bar.

The 12-storey building will provide a hotel with 157 bedrooms, a bar/restaurant and roof terrace. More than 100 full-time jobs will be delivered on completion of the development.

Stephen Mallon, director of Mosaic, said: “We look forward to leading the delivery team to construct the property through the next phase of this landmark development for the city on a very important site adjacent to the Grade A listed former bank building on the corner of Trongate and Glassford Street, which houses residential apartments and a Café Nero, that we successfully refurbished two years ago for the same client.

“We are confident that this development will be a positive addition to the skyline of Glasgow, fill an important part of Trongate and help revitalise this historically important area of the Merchant City, which will undergo significant change in the years to come.”

Robbie Wotherspoon, director of Caledon Property Group, added: “In addition to its attractive mixed retail element, this significant development brings a much-needed hotel into the heart of the historic Merchant City and is set to be a popular and valuable addition to the city’s thriving retail and hospitality sector offerings.”