Five hundred new Birmingham city centre apartments are to built in a £100 million project following a deal by a London-based property group.
Camborne Land Investments (CLI) has acquired a site off the A38 Bristol Street to develop a new build-to-rent complex from Benacre Properties - the firm behind several student projects in Birmingham.
The scheme, provisionally called Kent Street Baths, will cover 15 floors and include apartments ranging from studios to three-bedroom units.
CLI intends to develop the car park site under its new 'Hygge' brand which includes plug and play technology.
The development site is bounded by Bromsgrove Street, Gooch Street North, Kent Street and Henstead Street and was formerly the location of the Kent Street Baths which opened in 1851 but were heavily damaged in the Second World War. They were finally demolished in 2009.
Build-to-rent projects are growing in popularity in Birmingham and usually see the developer retain ownership of a project once it is completed, then acting as both landlord and property manager.
CLI said it planned to develop a "strong, thriving and sustainable rental community for young professionals and middle income families" in a central location.
Declan Mackle, chief executive of Camborne Capital Group, said: "The securing of a premium, central site in Birmingham is a strong start for CLI.
"The Kent Street Baths development epitomises the site and location characteristics that we are looking for across our portfolio and represents a unique opportunity to build a strong, thriving rental community in the heart of one of the UK's leading cities.
"We are proud to be participating in the exciting regeneration of Birmingham. The city is a major focus of real estate investors not just in the UK but internationally at present."
Birmingham-based Glenn Howells Architects is working on concept designs for the scheme.