The property on Martha Street is part of a major new development which also includes the A-listed Council Parish Halls on George Street.

Councillors are this week recommending approval of the sale of the plot to Chris Stewart Group for £5.1 million.

The site, which is in the Glasgow Central Conservation Area, also includes former B-listed council offices on feature of the plan is the creation of a new lane linking John Street and North Frederick Street which will run parallel with George Street to the rear of the listed buildings.

Plans for the site include retaining and refurbishing the listed buildings, adding a new build extension to the rear of 280 George Street and creating a new bar-restaurant on the ground floor of 266 George Street. The vacant site will be used for student accommodation with shops at ground floor level.

Liz Cameron, the city council’s jobs and the economy spokeswoman, said: “If approved at committee, the development of the George Street complex will see new life for these key buildings in the heart of Glasgow.

“The proposed student accommodation, serviced apartments and retail and leisure uses meet identified needs in the city and the new lane will create a new nightlife destination.”

A spokesman for the Chris Stewart Group added: “This is an exciting development opportunity with the prospect of delivering a unique city centre environment. By harnessing the potential of the existing listed buildings and creating a new lane with its own identity, our plans are to open up the area for everyone to enjoy.”

The Chris Stewart Group is an independent and privately owned property development and investment business that specialises in complex city centre projects.

In 2013, the company completed the Advocate’s Close project, a £46m regeneration of three medieval lanes in Edinburgh’s Old Town to create a vibrant area including a hotel, 50 serviced apartments, restaurants, bars and offices.