The construction group leading the development of the new Birmingham Conservatoire and head office for HSBC UK has won its latest brief in the city.

Galliford Try, which also built the extension at Edgbaston Stadium, will develop more than 300 apartments for property group Dandara in a contract worth more than £40 million.

The site, on the corner of Holliday Street next to Alpha Tower, was once going to house the 51-storey V Building but will now be home to 323 flats in two blocks of 18 and 23 storeys respectively.

The project, also next to the new HSBC UK base at Arena Central, was also boosted last week when the Government pledged financial support to the scheme as part of its bid to boost development for the private rented sector (PRS).

Simon Burton, managing director for Galliford Try Building in the West Midlands, said: “It is great news that we have been able to conclude a contract with Dandara for this prestigious new development.

“The PRS sector is seen by many in the industry to have potential for real growth and we are delighted to have our strong track record of providing high-quality housing recognised in this way.”

Dandara’s project director Sean O'Connor added: “PRS is already providing accommodation and can help deliver the homes needed by those who want to live and work in Birmingham and other major UK cities.

“This project will create numerous local employment opportunities and we look forward to working with Galliford Try to deliver these 323 high-quality apartments in the city centre.”

Watch: Development in Mere Green

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