PLANS to build student flats near the Merchant City have been scrapped, safeguarding the future of Glasgow's oldest pub.

Fresh £40million proposals have been unveiled to build residential flats for let on the site of the Old College Bar, at the corner of High Street and George Street.

The plan has been put forward by Glasgow-based developers Structured House Group (SHG) and is expected to create around 500 jobs.

Merchant Residential will include a mix of office and retail space as well as private-rental apartments.

The company has lodged a Proposal of Application Notice for the site and a public consultation event will be held on June 14 seeking the views of residents and neighbouring businesses.

Read more: Anger at Old College Bar flats plan

Craig Inglis, chief executive of Structured House Group, said: “Our proposals and ambitions continue to be to rejuvenate the corner into Merchant City and to convert what has been a dilapidated site into a gateway to the city.

"We hope to create a focal point which brings together Merchant City with the High Street, in a style that compliments old with new.”

Structured House Group took over responsibility of the site from Colin Beattie, following a 15-year stalemate to develop the corner location.

The company hopes Merchant Residential will attract a mix of professionals and residents choosing to rent close to the city amenities, shops, bars, restaurants, and transport links.

Read more: Glasgow 'swamped' by student flats which is preventing much needed social housing

It will be managed by the company’s in-house property management-arm, BOHO.

Mr Inglis added: “By submitting a new plan, we can demonstrate the journey we have been on to rejuvenate the site and the options available.

“We would encourage those with an interest in the area to come along and give us their thoughts.

The public consultation will take place on Thursday June 14 at the Premier Inn Hotel on George Street from 11am to 7pm.