The plan brought forward by Stamford Property Holdings will initially see demolition of the low-rise and outdated Elgin House office building, which lies close to Haymarket Station and the tram link.

Construction is then set to start in 2024 on the 10-storey 183,000 sq ft offices and nine-storey hotel of nearly 200 rooms.

Designed by 7N Architects, the office building will be net-zero in operation. It will have shared internal winter garden spaces and extensive landscaped roof terraces offering amenity space and views south to the Pentland Hills.

Stamford Property Holdings Uri Goldberg said: “Our development will regenerate and intensify a current brownfield site in Edinburgh City Centre, meeting a significant demand for a new kind of workspace that is sustainable and enhances the wellbeing of occupiers, designed to be amongst the highest standards of ESG compliant developments coming forward.”

He said Stamford was keen to discuss the opportunities on offer with any potential occupiers.