The Glasgow-based Di Maggio’s Group, which already has three outlets in the Capital, says it is set to invest £2 million in the project which will have a “Scottish influence at its heart”.

The group behind the Di Maggio’s, Amarone, Cadiz and Café Andaluz brands has pledged to showcase the grade A listed building’s neoclassical and art deco features and double height former banking hall.

The venue will occupy 9,500 square feet and include two bars.

The location already forms part of The Registers, a luxury serviced apartment and grade A office development by Edinburgh-based property developer Chris Stewart Group.

Chris Stewart Group unveiled plans in July to create 50 luxury serviced apartments as well as 200-cover bar and restaurant, retail outlets and a gym at the site.

Tony Conetta, who runs the Di Maggio’s Group with Mario Gizzi, said: “This is an incredibly exciting project for us, in both an iconic building and location.

“The Edinburgh Grand’s banking hall is rich in history, both for the capital and Scotland as a whole, and by carefully retaining and restoring the many original features we will bring this heritage to life.

“Our luxury restaurant and bar offering will have a Scottish influence at its heart and will make a significant contribution to Edinburgh’s vibrant food and drink scene.”

Chris Stewart said Di Maggio’s plans for the building are a “perfect fit for The Registers”, adding that the building will “create a huge draw to this part of Edinburgh’s city centre.”