Can you step back and give us a picture of the whole wall? Plus...pics of the rest of the room...

man, i've having a field day photoshopping diff layouts! and I've posted a ton of pics that you could do. Bear w/me! It's such a great wall space that is completely underutilized. (and that huge chair on the left side needs a diff home!) let me show you some things I've done, you see if you like anything. This one doesn't involve built ins. Just redo the surround, get some consoles or chests for either side, you could hang art or mirrors above them. I'd also bring in a nice chandelier. (can't tell if you have one) With a tall ceiling, you don't have to do tile or stone all the way up, you can do simple mill work like this trim. it's easy, looks great, and lets the eye continue upward. A simple black tile surround Just look at the trimwork, it can be done in a darker color like this shiplap all the way up. Floating shelves on the sides, a nice light. Photoshopped one w/the darker upper portion, and a new tile surround. (ignore part of this white sofa) the space looks like this. this is a simple DIY to do. You like the light? I like this one Here are a bunch of photo shops using your photos and some diff options. I love this black slate fireplace. of course yours would go a bit higher. Diff styles of built ins on the sides, or just one side, with a smaller chair or potted tree on the other. Kind of looks like thi This is a DIY built in using Ikea billy bookcases hack. the FP was redone w/the marble surround And that tile on the fireplace has had it's day. I would strongly suggest you completely makeover that fireplace. so many great ideas I love this one. especially w/your windows does your ceiling have any beams or treatments? This stone fireplace would look great if your ceiling is this tall, take it up. (ignore the windows) I love this one w/the dark shiplap on the sides, the beautiful stone work all the way up. You could do any tile design. but this has similar windows like you have oh, last one. simple, generic built ins w/a common slate bar style surround. you could get simple taller cabinets like these, paint the inside a dark color, white exterior.

Celery nailed it. was also going to suggest a rug and some type of bench or ottoman. 100%, get a rug the color is lovely. accent w/the lilacs/silvers/mauve/pinks/greens. the nightstand is nice. get another one. or something like tshown here this bed and side table is pretty. what about side tables like this w/similar lampls? white textured rug? similar headboards. look how they've done it: (not the colors, just the overall look) if you like the gray/white/pink, try copying the bed, rug and bench. you could do something like this with a natural jute or sisal rug

Can you center it on that wall? Yes, I know the window is there. What about the other wall for the bed?