In return, Network Rail will see major station improvements and expansion of the station concourse.

Work on the project is expected to start in 2013 with completion in 2015. Passengers will notice some improvements at the station entrances prior to the 2014 Commonwealth Games.

The current 1960s front entrance will give way to a modern glass frontage. Inside, passengers will benefit from an extended concourse, access to a new mezzanine level foodcourt, and an atrium link into the extended Buchanan Galleries shopping centre.

David Simpson, Network Rail route managing director for Scotland, said: “Glasgow Queen Street is one of the busiest stations in Scotland handling more than 19 million passengers a year and the proposals announced today will deliver a more modern station with enhanced retail and leisure facilities for those travellers.

“The Buchanan Partnership’s plans for the station will also greatly enhance the appeal of the wider city centre to rail passengers and shoppers alike and this partnership allows Network Rail to redevelop this important station in a cost-effective way and generate additional revenue which we can reinvest in the nation’s railways.”

Lester Hampson, head of retail, Land Securities, said: “The redevelopment of Glasgow Queen Street Station will create a world-class integrated transport hub and is an important element in progressing our aspiration to enhance and expand the Buchanan Quarter, cementing Glasgow’s position as the top retail and leisure destination outside London.”