Duddingston House Properties, which owns the building, has previously said that development is essential in order to keep the building in use.
It has stood empty for seven years since it was last used as a cinema.
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Hide AdThe proposal to turn it into a hotel would include demolition of the old auditorium, but a Scottish Government reporter rejected the proposals in May.
DHP has now set a closing date of January 5 for bids to be submitted.