The residential-led scheme is earmarked for a two-acre site on Great Charles Street, currently a pay and display car park.

Sterling Property Ventures, which is in joint venture with funding partner Long Harbour, said work could start in January, subject to planning approval.

Detailed planning will be lodged this month for the first phase of Great Charles Street, which will include 320 flats, ground floor shops, leisure space and an 8,000 sq ft mix of small business units.

A second outline application for a 205,000 sq ft office block with 40 basement parking spaces will follow before Christmas.

Long Harbour’s investment and development manager Rebecca Taylor. “We have been working very closely with our partner Sterling and their professional team over the past few months to ensure that Great Charles Place promotes a strong sense of community, delivers homes that are of a superior quality and creates a new and vibrant destination for Birmingham.”

The client team supporting the development includes architect AHR, planning consultant Turley, structural engineer Davies Maguire & Whitby, mechanical and engineering consultant WPP and building control consultant BCA.