The former Esslemont and Macintosh department store on Union Street is to go back to auction after failing to sell last month.
The site, at 26-38 Union Street, has an estimated 40,000sq ft of floor space across the two former retail units.
Auctioneers at Future Property Auctions say the site could be suitable for 64 residential flats, albeit plans would need approval first.
Opening bids at Thursday's auction start at £356,000 for the units above the Esslemont Bar and Restaurant, Mac's Pizzeria and Miller and Carter.
The entire unit on the Granite Mile sold for £6.24m at auction in 2007 as the department store closed its doors for the final time.
A number of plans have been submitted since then, including proposals for a near-100 bedroom hotel on two occasions, though neither came to fruition.
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