The former banking hall will be transformed into a 200-cover bar and restaurant while city restaurant Bon Vivant will host a coffee house and evening venue.

Due to open in summer 2017, The Edinburgh Grand will comprise 50 luxury apartments, many of which will feature retained original detailing.

Alongside the serviced apartments, Bon Vivant will be operating a coffee house and evening venue, offering late night entertainment and dining.

The occupants of the additional retail outlets, and others which are currently being developed around the site, will be announced in due course.

The development is being led by the Chris Stewart Group, which has previously been responsible for major developments across the city, including the award winning redevelopment of Advocates Close.

Karen Brown, interior designer with the Chris Stewart Group, said: “From the Grand Studio apartments lined with rich Cognac timber panelled walls and elegant marble fireplaces, to the three-bedroom rooftop Penthouse with its all-encompassing views across the city, each apartment has been carefully considered to ensure it has its own unique character. A decadent palette of materials, including bespoke fabrics and wall coverings, complement the tailored furniture to create a luxurious yet home from home feel.

“The building is brimming with original features from the monumental entrance doors featuring heraldic emblems, marble clad walls and ornate cornicing, to the bronze balustrade lining the atrium, all of which we’ll be incorporating into our final designs.”

Chris Stewart, chief executive of the Chris Stewart Group, added: “Our newest project is proving to be one of our most challenging, but also our most fascinating. There are details around almost every corner which we keep uncovering, with a whole raft of original fixtures and fittings still visible.

“The development of the old RBS headquarters is part of a wider plan to create a vibrant, active area in a prestigious part of the city – which has been neglected for a number of years – by providing an attractive and safe environment for all. This will include the pedestrianised West Register Street and the addition of lights, street furniture and greenery, which will enhance both the ambience and security of the area.

“The overall development will take several years, although we are sure the results will make the wait more than worth it.”