The proposals would see the creation of a large unit for a new retailer to maintain activity at street level as well as recreating the former arcade and providing a publicly accessible connection between Sauchiehall Street and Renfrew Street.

The upper levels of the former M&S building would have student and potentially other residential accommodation for around 500 residents, complemented by a spacious rooftop terrace and garden.

The development is being brought forward by UK residential and student housing developer and operator Fusion Students.

A spokesperson for Fusion Students said: “We are excited to be unveiling our proposals for this prominent location on Sauchiehall Street at the former Marks & Spencer site. Glasgow is a first-class university city with several world-renowned educational institutions which attract students from across the globe. The delivery of high-quality accommodation for a growing student population is required to enable the city to maintain its position as an educational powerhouse on the global stage.

“Our studies have shown that there is a significant undersupply of purpose-built student accommodation in the city, with 73% of the city’s growing student population unable to access this valuable type of accommodation.

“This shortage often leads students into privately rented accommodation, creating pressure on the local housing market.

“By bringing first-class purpose-built accommodation to the city, coupled with carefully thought-out public realm spaces and new retail units, we believe our proposals will enhance this historic street in the heart of Glasgow City Centre.”

A spokesperson for Marks & Spencer added: “We are delighted that these plans are being brought forward to redevelop the site and ensure a positive future for this part of Sauchiehall Street.

“Over the last few months, we have been focussed on making sure this site can find a complementary alternative use, so we’re really pleased that these redevelopment plans are driven by strong design and sustainability credentials and that they are closely in line with the city and council’s vision for the local area.”

It is anticipated that a Proposal of Application Notice will be submitted to Glasgow City Council this month with a full statutory consultation schedule announced thereafter.