The planned 31-storey building containing over 200 flats would be built as the second phase of Regal’s Left Bank development in Broad Street.

Regal has already award Wates Construction a £20m contract to build phase one – a 21-storey building, funded by Aprirose Real Estate Investments – with completion expected in June 2018.

Planning approval had previously been granted for an 18-storey hotel next to this first resi tower, but Regal revised its plans due to strong demand for residential properties.

Both buildings have been designed by Glancy Nicholls Architects. With planning approval, work on the second building could start early next year for completion in 2019.

Regal’s Roger Holbeche, said that demand for city centre housing was huge.

“The latest statistics show that Birmingham will need 89,000 new households to meet the growing demand, including family properties, affordable housing and city centre living.

“The last update on these figures suggested that the city still has to find space for 38,000 of these homes and it’s schemes such as ours that can help meet this demand.”