Development manager Bankfoot APAM has unveiled plans to invest £500 million to overhaul Edinburgh’s Gyle Shopping Centre into a major “urban quarter”.

The centre and its surrounding car parks would be transformed over the next ten years. The modernisation will allow tenants such as Marks & Spencer and Next to introduce new concept stores. Around 1,000 new homes will also be built on the site.

A new pedestrian-friendly high street will also be constructed between the shopping centre and the tram stop, allowing people to walk through this rather than the car park to access the centre. The street would be lined with shops on the ground floor and flat and offices above.

Chris Moore, the managing director at Bankfoot APAM, said: “When the Gyle was built it was a leading modern shopping destination. However, we are now looking at a new normal that is very different for shopping and living. The creation of a new urban city district will help transform the visitor experience and bring many more new residents, workers and customers to the shops and facilities.

“Increasingly people will travel by public transport and the facilities need to reflect that new normal. We have seen the changes that the new St James development in the city centre is making to people’s shopping experience and our aim is to deliver better and higher quality shopping, rather than just increasing floorspace. We have also studied the quality of the proposals for new homes and offices at the nearby Edinburgh Park.

“Edinburgh is changing, and west Edinburgh is changing faster than almost anywhere in Scotland and our plans must reflect sustainability issues and respond positively to those changes. Looking ahead we should consider how best to serve our customers and meet their growing concerns about the environment. A more balanced community is what is proving to work best. We will be consulting local residents and communities on our new vision in the near future, and we look forward to starting the regeneration and revitalisation of The Gyle in a way that makes it an even more special place for many more people.”

Development options are to be presented to the public as part of a consultation.

Previous owners had brought forward plans for small extensions for new retail units and a cinema, but these were rejected.