Video: Inside Birmingham's most expensive one-bed apartment

One of Birmingham's most run-down and derelict city centre buildings will be replaced with a huge retail and residential development.

Monaco House, in Bristol Street, will make way for a £275 million scheme containing more than 1,000 apartments and townhouses alongside ground floor shops and public space.

The project will become one of the largest residential estates ever developed in the city centre and will neighbour two other major schemes in Bristol Street - the nearly completed Park Central and Barratt Homes' pending plans for the old Matthew Boulton College site.

It will be called New Monaco and involve the demolition of Monaco House and several other buildings on the site.

Once completed, properties there will be available to rent only under the PRS (private rented sector) initiative.

CGI of the New Monaco development
CGI of the New Monaco development

The run-down plot was once the home of a long-running store wars battle between Tesco, which wanted to redevelop the site, and Asda which was planning to build on Park Central opposite.

Tesco finally withdrew its plans in 2015, bringing to an end a saga spanning a decade.

A planning application for New Monaco is due to be submitted to Birmingham City Council in the coming weeks.

Regency Residential, part of Manchester-based property group MCR, is behind the 'garden village' project which is due to be completed in autumn 2021.

Director of sales and marketing Michael Fenlon said: "New Monaco is an incredibly exciting project to be involved in and will help redevelop a famous street in the amazing city of Birmingham.

"We believe our plans such as New Monaco will continue to propel us even further forward."