THIS is the first look inside the newly renovated historic Old Athenaeum. The A-listed building has undergone a dramatic multi-million pound transformation from near-derelict ruin to become the site of an upmarket retail emporium.

And developers hope it will attract more top designer names to the heart of the city centre.

The Buchanan Street site had lay empty for eight years while flooding and weather damage ravaged the city landmark.

TIMES FILE The Athenaeum was built in 1886 by Glasgow architect J J Burnet as a theatre. It sits at the junction of Buchanan Street and Nelson Mandela Square and was once a centre for adult education. In 1890, a music school was set up on the site with a drama school developed in 1950. By 1968 it had become home to the Royal Scottish Academy of Music and Drama but became the Townhouse hotel when the RSAMD moved to new premises in Renfrew Street. It has been empty since 2000, when the Townhouse shut. Developer Ken Cairnduff, right, bought the Old Athenaeum in 2005.

An intense three-year revamp has restored the building and created a 15,000sq ft spacious retail site, which is slightly bigger than an Olympic-size swimming pool.

Now developer Ken Cairnduff hopes the Old Athenaeum will bring a touch of luxury to Buchanan Street.

Mr Cairnduff said: "The results are just stunning. We wanted to do our very best for the building because it is not only a historically important building but it also holds fond memories for the people of Glasgow. It was really important to take our time and get this absolutely right.

"I'm hoping to attract an upmarket company that will really boost Buchanan Street."

Working closely with Historic Scotland, developers have spent three years redesigning and remodelling the six-storey former theatre.

Careful attention to detail and strict architectural guidelines mean the historic aspects of the building have been kept intact.

An ornate ceiling created by the architect JJ Burnet in 1913 has been painted in its original colours while the arch above the stage has also been maintained.

During the building works, an elaborate mosaic floor was discovered hidden under a layer of concrete.

Mr Cairnduff has now spent £30,000 on a team of experts who are painstakingly cleaning the tiles to restore them to their former glory.

The landmark city centre building and its neighbour the Townhouse, home to homewares shop Au Naturale, are now ready to be put on the market for rent by millionaire Mr Cairnduff.

A side entrance has been created at street level to form a gateway to both the Townhouse and Athenaeum - creating 40,000sq ft of retail space.

But retailers will not just be renting a luxury space - developers believe there are a few ghosts thrown in for free.

Mr Cairnduff said the first time he and his brother entered the building they could hear piano music playing from an upper floor. But the Athenaeum is kept securely locked - and the pair were sure they were the only visitors inside.

The entrepreneur said: "My brother is a big guy but he made me walk up the stairs first.

"I don't believe in these things but the music was very clear - it was a classical piece. When we got up to the top floor there was an old, abandoned piano sitting gathering dust. It gave us the shivers."

Property tycoon Mr Cairnduff, from the East End, has previously spent millions developing the Townhouse.

The 60-year-old, who is said to have made £30m from the sale of Au Naturale and Internacionale, bought the Old Athenaeum in 2005 after it had lay empty.

The Townhouse currently houses Au Naturale which will move out when a new tenant or owner is found.

The historic Old Athenaeum back in 1967 before it became a near-derelict ruin for years	The impressive new-look building has been transformed by developer Ken Cairnduff, below, during an intense three-year redevelopment project	Experts were brought in to redesign and revamp the interior	An artist's impression of how the Old Athenaeum's new interior will look