More than 200 apartments are to be built in Birmingham's Jewellery Quarter after a development site was bought for £45 million by Spitfire Properties and IM Properties.
The deal with seller Birmingham City Council will see Spitfire Properties build up to 230 one-, two- and three-bedroom apartments across eight floors, with retail space and a new public space.
The project, designed by Birmingham practice Associated Architects, will redevelop vacant land fronting onto Newhall Street and next to Newhall Square, close to where Staycity opened a new apart-hotel complex earlier this year.
Land director at Spitfire Properties Jon Richards said: "Like IM Properties, we are all about seeking out the right opportunities and, unlike many housebuilders, we’re not answerable to shareholders and can move quickly to respond to the market.
"Birmingham is a city on the up and attracting a lot of positive attention as a place to do business and to live.
"We feel our upmarket, high-quality living accommodation will be well received."
Spitfire is expected to start on site in 2017, with a view to the first apartments being delivered in 2018.
City council leader Coun John Clancy added: "We need to build 90,000 new homes in the next 15 years across Birmingham and city living will have a big part to play as we strive to meet that target.
"So, I welcome the Spitfire Properties investment in the Jewellery Quarter and look forward to seeing the scheme come to fruition."