The four-acre site currently has planning permission for three Grade A office buildings totalling 350,000 sq ft, a 190-room hotel and a 172-room aparthotel. It also has provision for 40,000 sq ft of retail and leisure space.

The world-renowned architects have previously worked with M&G Real Estate and Qmile Group, creating and delivering the masterplan for the landmark £750m Quartermile mixed-use development in Edinburgh city centre.

The Quartermile masterplan, and its subsequent delivery by Qmile Group, has been recognised with a multitude of awards both nationally and internationally.

Last year, Foster + Partners won the RIBA Stirling Prize for architecture for its design of Bloomberg’s European HQ in London, winning best building in the UK - the third time the practice has won the accolade.

Commenting on the appointment, M&G Real Estate’s director of asset management, Aaron Pope, said: “We know from experience that Foster + Partners is a truly world class organisation. Our success of working with Foster + Partners and Qmile Group on Quartermile, and their continued commitment to providing an innovative, modern and sustainable approach to placemaking, will be key for Haymarket.

“Working with Foster + Partners and Qmile Group we will develop a revised masterplan using the very latest thinking in design, materials and sustainability practices to enhance the impact of the development in this prime location.

“Haymarket will provide Edinburgh with a vibrant place to work, rest and socialise, which we believe will set new standards nationally and internationally. We look forward to revealing our plans for the site over the coming months.”

Haymarket is set to become home to the highest profile mixed-use development in the city. Located next to Haymarket train station, connecting passengers to Glasgow and the rest of the UK, the development also sits alongside tram and bus services with links to Edinburgh airport.

Foster + Partners’ partner, Ian Whitby, added: “We are very pleased to be continuing our long and successful relationship with M&G Real Estate and Qmile Group with this latest appointment.

“As with Quartermile, Haymarket is a high-profile development and one which will further significantly enhance the fabric of the city, both commercially and socially. Our work on the masterplan is underway, and we are excited about the opportunities the development will provide for Edinburgh.”

M&G acquired the Haymarket site in June last year for £49.1m and appointed Qmile Group to deliver the development.

The business provided £82m to fund the speculative development of the two Grade A office buildings at the site, the six-storey, 72,991 sq ft Quartermile 3 and the seven-storey, 128,600 sq ft Quartermile 4 in one of Scotland’s largest forward funding deals.

Developer Qmile Group’s chief executive, Paul Curran, said: “The appointment of Foster + Partners brings together an unrivalled team with the knowledge and expertise to fund, design and deliver what is a key development for the City of Edinburgh.

“This will provide the confidence that we are now going to deliver a very special place at Haymarket by providing much needed Grade A city centre office space, hotel accommodation, and retail/leisure provision.”