The 556-home mixed-use development, named Old Brewery Gardens, is part of a residential-led regeneration on the site of the famous Boddingtons Brewery, a regional landmark opposite the Manchester Arena.

Out of the 556 homes, 375 will be built specifically for rent and the remaining 181 for sale.

The development will also include 40,000 sq ft of retail and commercial space.

Prosperity Capital Partners, a leading investor and developer, has 1,700 student accommodation and build to rent units either completed or in the pipeline.

Old Brewery Gardens, the company’s first BTR scheme in the regions, has been designed by London-based Assael Architecture, with a red brick envelope.

The buildings will be clustered around a communal garden at the heart of the scheme, which will be used intermittently as an open-air cinema and brings vital green space to Manchester’s centre. Other amenities will include a gym, residents’ lounges and rooftop terraces that will be used for outdoor yoga.

Old Brewery Gardens is to start on site in spring 2019 with doors opening in 2021. Gleeds is project manager, with Wardell Armstrong the structural consultant and Hilson Moran acting as MEP consultant.

Scheme features a 26-storey tower

Prosperity Capital Partners is an integrated investment and development business with plans to deliver more than 10,000 new homes over the next decade across the UK and Ireland, with a specific focus on the regions and Dublin.

Ed Fowkes, development director at Prosperity Capital Partners, said: “Securing planning for Old Brewery Gardens is a momentous occasion for us as a business.

“Such a large project, with a diverse and exciting offering for both residents and the local community, will make a significant contribution to a Manchester that continues to thrive culturally and economically.”