The mixed-use development would include office space, bars and restaurants with connected outdoor seating.

HFM said that an important aim of the development is to contribute to the transformation of the Green by creating outdoor spaces which could have the potential to host a wide variety of events, exhibitions, markets and gatherings helping to draw people back into the city centre.

The landmark building would be copper clad, featured glass and granite elements which could be used in the future for Aberdeen’s art festival Nuart. The development would improve connections between existing neighbouring areas increasing footfall and benefiting city centre businesses.

Shaun Hose, director of Patrizia, said: “Our plans have incorporated feedback from the public consultation and the council’s planning team, and we’re satisfied we now have the best design and layout for the site, which match the public’s aspiration for the city centre and the current demand for different types of office space, retail and leisure outlets.

“They will reinvigorate this part of Union Street, Hadden Street and the Green, injecting much-needed diversity and vibrancy that will enhance the quality of life for those living in and visiting the city centre and deliver a long-term sustainable solution for the site.”

Russell Borthwick, chief executive of Aberdeen and Grampian Chamber of Commerce, said: “The indoor market is identified as a key project in the City Centre Masterplan.

“Redevelopment of the area will be yet another significant step forward in the ongoing transformation and revitalisation of our city.”

He added: “Not only will it give a new lease of life to this part of the Merchant Quarter, the mix of retail and leisure will complement the existing offering in the area and help draw people back into the city centre.”