Owners Aviva Investors have signed up developers Queensberry Real Estate to help develop the plan to turnaround the fortunes of the shopping centre by transforming it into a major restaurant hub.
The shopping centre will be redeveloped to provide 100,000 sq ft of dining space, comprising up to 12 restaurants and 30,000 sq ft for a food market operator.
A planning decision is expected in October, which would allow refurbishment work to start early next year to open for Christmas 2014.
The interior of the building will be completely to highlight its Edwardian architectural features and open space for diners under it’s glass dome.
Aviva associate director Simon Green said: “We realise it doesn’t have a substantial future as a retail destination.
“The retail market has changed, the units in the building are small and not suitable for some retailers, and it has not been driving in footfall.
“But the building is iconic, it is in a fantastic location, it is surrounded by other footfall locations and leisure destinations, and we feel we have the vision to create a premium dining destination.