THE prominent Glasgow site soon to be vacated by collapsed retailer BHS has been earmarked for a £75million redevelopment.

Initial plans have already been submitted to the local authority for a 12-storey scheme in the city centre, with the team managing the development claiming it will transform the area around Sauchiehall Street.

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Once the commercial heart of the city centre, the street has suffered over the past 10 to 15 years amid predictions the exit of BJHS would further its decline in fortunes.

The development will extend onto Renfield Street and Bath Street and into neighbouring properties recently acquired by the company behind the scheme.

Formal Investments said Sauchiehall Street would "see a vast visual improvement thanks to a new look for the BHS building".

It comes as BHS begins shutting stores across the UK, with 20 closing their doors and as many as 600 staff being made redundant.

In all, the collapse of BHS has put 11,000 jobs at risk and left a £571m pension deficit.

The plans also come as it emerges the Hard Rock International brand has signed a deal for a new hotel in Glasgow, only its second in the UK.

The old Athenaeum building on Buchanan Street is currently home to the city's Hard Rock Cafe but the company has released no other details other than to see the Glasgow plan is part of its UK expansion.

Formal Investments said its plans involve the "remodelling and refurbishment of the building occupied by a BHS store which will add add new boutique offices above the retail space and the improvement of a third building on Sauchiehall Street".

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In total the plans cover an area of 240,000 sq ft which will including retail and "Grade A and design-style offices", replacing the 1969-built brown brick department store.

Last year the firm also took a long lease on the adjoining properties which have housed Sports Direct and Mountain Warehouse.

It said work would begin in the summer of 2017 and create business offices for approximately 1750 workers.

Formal Investments director Nicholas King said: "This proposal shows a really exciting vision for an important site in Glasgow city centre and will provide the highest quality environments for retailers and business large and small."

Patrick Wilson, of Glasgow architectural practice Stallan-Brand, which will develop the plans, said: "This redevelopment presents a unique opportunity to revitalise and transform the quality of the urban environment and public realm in this location, through the creation of new public spaces and improved and more appropriate mixed use activity."

Glasgow Chamber of Commerce deputy chief executive Richard Muir said: "This is good news for the city centre in general and for Sauchiehall Street in particular, on what is a key location. It’s recognised that there is a shortage of Grade A office space in Glasgow. This redevelopment will begin to address this shortage and help attract new investment to the city."

Meanwhile, as BHS stores began to close their doors for the last time, shopworkers’ trade union Usdaw said it was "deeply saddened" by the move.

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Dave Gill, Usdaw national officer, said: “We are saddened to hear the administrators for BHS have announced they are closing 20 stores, which will impact around 600 staff. We hope that other retailers, including Sir Phillip Green’s Arcadia group, will offer employment to these experienced, dedicated and loyal staff who suddenly find themselves unemployed.

“We believe there is hope for the remaining stores with the administrators continuing to seek buyers and we are still waiting to hear the details of Sir Phillip’s offer to ‘sort’ the pension scheme. In the meantime we are providing the support, advice and representation our members require at this difficult time.”