The application has been lodged by CXG Glasgow Limited, a subsidiary of Tracey Investments Limited and owners of the Venlaw building and Elmbank Gardens, in conjunction with the owners of the property at 300 Bath Street.

Plans for the Charing Cross Gateway regeneration project are split into two phases – the first containing student accommodation and a healthcare/GP surgery facility.

Phase two includes a mixed-tenure development of residential city living, state of the art office space and a hotel.

Removal of the Tay House bridge over the M8 also forms part of the plans to create a new gateway into the city centre.

The plans have the backing of Glasgow Chamber of Commerce chief executive Stuart Patrick.

He said: The city’s three main universities have confirmed a strategic aim to grow their student numbers in the years ahead and accommodation has to expand in line with that, especially when you consider how limited the options are at the moment.

 “A development like this caters for that need while plugging into ongoing plans to transform a key part of the city’s traditional retail and hospitality artery.

“It’s no secret that Sauchiehall Street has seen better days, and this application presents an opportunity to galvanise an iconic area of the city and re-establish it as a dynamic accommodation and business hub.”