The basement, ground and first floors will remain for commercial use and will provide 40,000 sq ft of flexible space.

The scheme will preserve the listed building’s 1930s architectural appearance while adding an additional 5th floor and replacing the existing 1990s roof extension with two-storeys to provide a total of 124 student beds.

A number of amenity spaces will be created, including a sky lounge and a Wellness courtyard garden created by a new atrium feature.

Currently there are approximately 38,000 university students in the city without access to purpose-built student accommodation.

Marcus Mann, Asset Manager, Orchard Street Investment Management said: “We are excited and optimistic about submitting our planning application on what is a unique and prominent building within Leeds’ City Core.

“We believe that the redevelopment will give the building a new lease of life and deliver a much-needed, high-quality mixed use offering which will support the long-term vitality of the City Centre.”

Simon Hugill, Partner at consultant Stace LLP added: “This is a vital step in repurposing an iconic city-centre building into much needed student accommodation and commercial space. We look forward to our continued involvement in this project.”