Asset manager Moorgarth Group said the plans include redeveloping the existing roof space to create a new market-style piazza, with the aim of creating a “natural meeting place within the heart of the capital”, as well as to “significantly” enhance and improve the way the shopping centre integrates into the surrounding area.

The initial works will principally involve widening the entrances to and from the mall into Waverley Steps to address some issues raised by Network Rail and to create a more vibrant and welcoming entrance into the scheme. Having listened to customer feedback, the owners also propose installing new, and larger toilets in the mall.

The proposals which have been submitted to the city’s council, also includes a new entrance at the corner of Princes Street and Waverley Bridge to enable full disabled access, as well as improved circulation at the top of Waverley Steps and a doubling of the width of the pavement towards the Scott Monument.

Tim Vaughan, chief executive of Moorgarth Group, said: “Following our acquisition of Waverley Mall, the intention has always been to explore and fully understand the role it plays within the fabric of Edinburgh. This has brought about a vision that looks to return areas of the mall back to the original market concept, whilst looking to create something of real quality and vibrancy within the heart of the city.

“Along with the improved roof space, the new entrance and the widening of the pavement on Princes Street are all about establishing a greater sense of arrival into Edinburgh that utilises its unique and very important location. Retail is continuing to change and through innovative design we can create a truly destination scheme offering facilities that Edinburgh currently doesn’t have. It is imperative that we enable the current offer to change and evolve to meet today’s customer demands for both residents, businesses and visitors to Edinburgh.”