Betting chain owners Fred and Peter Done are proposing to build a landmark new 230,000 sq ft office building as part of the major overhaul of the square.

The new 12-storey building, to be known a No2 St Peter’s Square, will sit on the site occupied by four buildings, including Century House, first built as the home of the Friends’ Provident and Century Insurance Company.

If given the green light, it is hoped the building could be finished by the end of 2015.

Fred Done said: “This project once completed will create one of Manchester’s most sought after office spaces.

“We have worked extensively with the City and English Heritage to ensure the design compliments their vision for the changing face of St Peter’s Square. We are extremely proud to be connected to this project and the quality of the building that will be created”.

A document prepared ahead of a planning committee meeting on Thursday, which recommends approval, said: “Of the four buildings which are proposed to be demolished, it is clearly the potential loss of Century House which has raised the most concerns. Objections have been received which strongly support the view that the building should be retained.

Campaigners from the  Twentieth Century Society have been trying to save the building although English Heritage have backed the demolition saying the building has lost much of its significance due to wholesale changes to the square.

A document prepared for the crucual planning meeting on Thursday states: “The scheme, together with those being promoted in the area, many of which are committed and underway, would transform the area and create a major new business destination at the very heart of the region.

“On this basis, the scheme has been fully justified.”