Here's how this part of the room could look, with built-in cupboards below the shelves, cornicing and the fireplace painted white. A central chandelier would look good too
IKEA Expedit Makeover - The Creative Cubby
Industrial Chic Reclaimed Custom Steel and Wood Bookcase by RCCLTD
Antique Style Shop Display Book Stand DVD Rack Corner Furniture Sheek Shelfs in Home, Furniture & DIY, Furniture, Bookcases, Shelving & Storage
Industrial Chic Reclaimed Custom Steel and Wood Bookcase Shelving Unit.DVD Books Cafe Restaurant Furniture Rustic Chic
Fitted TV alcove cupboard and floating shelves
Bespoke cabinetry designed to allow sky box
I like the middle section of this unit with the cupboards below - check dimensions.
ExploitSpace » Chloe: Alcove Cupboards and Shelves
Super simple, but awesome idea!