Proposals have been lodged to develop the site of the former Goldberg’s department store, which has been left largely derelict since the closure of the store in 1990

Under the plans, which would take a full five years to conclude, the project would include 132 apartments for sale, 435 new flats for rental and 586 rooms of student accommodation, as well as a 124-room hotel and retail space.

The site was sold by Selfridges almost three years ago after it abandoned plans for a major new department store.

The firm behind the scheme, Candleriggs Ltd, has already secured planning permission for a slightly smaller development on the site but in recent months has acquired several properties holding up the plans.

The plans state: “Given the economic climate over the past decade and lack of interest in a large scale retail scheme, Selfridges did not take forward the store. In its place, the brownfield site offers an important opportunity upon which to complement the wider mixed use regeneration that has been evidenced in the Merchant City over recent years.

“The overall consented development, of which the infill sites will complement, for residential, private rented sector, student accommodation, hotel, and retail and commercial uses, will reconnect and revitalise this important block within Glasgow.”

Candleriggs Ltd said that although its plans involved the partial demolition of listed building, with facades retained and altered, it had had a cultural heritage statement prepared that stated the longstanding vacant site had stifled the overall regeneration of the Merchant City, “with a dilapidated building and lack of contribution to the urban realm”.

It added the development would “not only preserve the special character of the Central Conservation Area, but will enhance it by bringing back the sense of historic street grid in the Merchant City and re-accentuate the historic street pattern”.

The application concludes: “The proposals present a suitable and viable development solution that will provide a positive contribution to the final redevelopment and regeneration of the area.”

A Glasgow City Council spokesman said: “An application for the site bounded By Trongate, Wilson St, Brunswick St, Hutcheson Street and Candleriggs has been lodged with the council. It will be assessed in due course.”