David Chipperfield Architects, backed by Danish retail billionaire Anders Holch Povlsen, wants to transform the Category A-listed building into a boutique hotel, together with a bar and restaurant, above overhauled retail areas.

Under the proposal, the three-storey, top-lit grand saloon at the heart of the Victorian Renaissance Revival style will be “restored to its former splendour as a unique public space that is integral to both the department store and hotel”.

The redevelopment focuses on maintaining its historical and architectural significance and contributing to the regeneration of the eastern end of Princes Street.

Mr Povlsen, whose real estate company AAA United purchased the historic property in 2017, said: “When we acquired the Jenners building, we knew that it came with a great deal of responsibility. It is iconic within Edinburgh’s built environment and integral to the city’s cultural heritage.

“We approach this renovation with upmost respect for the historic importance and value placed upon the building by the people of Edinburgh. We understand the scale of the challenge and are fully dedicated to honouring this Building and its place within the future of Edinburgh.”

The hotel’s rooms will be on the upper floors with outlooks over Princes Street, South St. David Street and Rose Street.

Restaurants and cafes are proposed around the Grand Saloon on the second floor – providing food and beverage provision for both the retail and hotel offerings. A new bar is proposed within the top floor of the hotel, occupying the new floor and corner turret facing St Andrew Square.

The Jenners building totals almost 17,500m2 across nine floors. The proposed development will comprise 10,000m2 hotel space and 7,000m2 retail space, as well as cafes and restaurants.

David Chipperfield Architects, which is working with executive architect 3DReid and Glasgow-based conservation specialist Loader Montieth, was appointed to the job in 2019.