The huge scheme will provide more than 1,100 student beds across three buildings, one rising to 42-storeys. The second element of three lower rise buildings will deliver 470,000 sq ft of life sciences space.
The Ardwick complex in the south east of the city centre will be built on a 2ha ribbon of land next to Upper Brook Street.
This is presently occupied by Williams Garage buildings and their associated car parking forecourts, which will be demolished.
Work is hoped to start in the second quarter of 2024 on a construction programme that is expected to take just over seven years to complete.
The student accommodation, within three buildings rising to 12, 14 and 42 storeys, is expected to cost around £130m to build. The lower rise trio of science and innovation buildings rising to 5, 7, 9 storeys will cost around £170m to deliver.
The life science buildings will surround a grade II* listed former Unitarian Chapel building that is being retained on the site.