It was originally envisaged as a modernist landmark for the Granite City when construction began in 1971.

Thanks to former high street giant BHS, the Aberdeen Market centre drew throngs of cash-rich shoppers eager to spend amid the prospect of a North Sea oil-driven boom.

But the concrete building, which straddles Market, Hadden and Union streets, and The Green, deteriorated steadily over the years, becoming, for many, an architectural scar.

Now it is facing demolition to make way for the latest development aimed at reinvigorating the heart of Scotland’s third largest city as economic storm clouds gather.

New images have been published following finalisation of plans which would see the centre make way for a glass and granite complex featuring a state-of-the-art business lounge along with retail, cafe and exhibition space.

The blueprints also include a civic area which could host public art installations and outdoor events, as well as markets and performances.

It comes as the coronavirus pandemic sends oil prices to record lows and threatens to throttle Aberdeen’s recovery from the previous slump which began in 2014.

Adrian Watson, chief executive officer at Aberdeen Inspired, the city centre business improvement district, hailed the planned development as one that would attract a new generation of commercial talent and underpin economic diversification.

“This is about bringing people back in to the city centre,” he said. “What [the developer is] offering is a mix of retail, leisure, culture and hospitality. We have a growing cultural scene and they have talked about an artistic space being put aside. It will draw entrepreneurs, start-ups.

“Traditional retail will still be there but there will be lots of change to it.”

Aberdeen & Grampian Chamber of Commerce also welcomed the proposals. Russell Borthwick, chief executive, said: “The Aberdeen city region’s sector diversification strategy was making great strides prior to the Covid-19 outbreak, including a growing momentum behind the role Europe’s oil and gas capital can play in leading the world in the energy transition agenda and ensuring this is a region whose fortunes do not go up and down in line with the price of a barrel of crude.

“The impact of Covid-19 on the oil and gas market globally has been stark but against this backdrop it’s very encouraging to see that major inward investors have confidence in our future economic prospects and are still looking to continue with ambitious projects in support of the Aberdeen city centre masterplan.”

He added: “The Patrizia development will be the jewel in the crown of the Merchant Quarter and add to the new lease of life being enjoyed by that area including the incredible collection of Nuart street art on show.

“It is, however, just one part of the £10bn of infrastructure and regeneration projects jigsaw planned for the region and we urge all of the partners and stakeholders to do their utmost to ensure that we get back to business as usual as quickly as possible to pick up the momentum we had – supporting jobs and businesses in the North-east.”

Bosses at developer Patrizia said their proposals were drawn up following close consultation with city planners.

Director Shaun Hose said: “The council’s master planning, design and conservation team have been integral to the discussions and there is a shared desire to see a vast improvement on the current building and the surrounding public realm that will breathe new life into this part of the city centre.”