City planners gave Northern Ireland-based property company Tara House the green light to build the mixed-use development, which bears a resemblance to New York’s famous Flatiron building.

The building will house a three star, 140-bedroom hotel, a 130-bedroom budget hotel and post-graduate accommodation.

Simon Murray Twinn, managing director of Tara House, said: “We are very excited about our scheme which should help to promote further regeneration in this important and strategic city centre location.”

The project is expected to create around 250 construction jobs and be completed in early 2012.

Designed by Liverpool architects Falconer Chester Hall, the development also includes a big basement car park with 247 spaces.

While Tara House has secured a ‘major international hotel operator’ for both hotels, the identity will not be announced until next month.