Up to 800 new homes are to be developed on a derelict canalside plot in Birmingham.
A joint venture comprising London-based developers Apsley House Capital and Galliard Homes have teamed up with investor Claremont Property Group to acquire the Soho Loop site.
The 12-acre plot is off Dudley Road in the west of the city and sits alongside the old BCN Main Line canal.
Previous owner City and Provincial Properties secured planning permission for 500 homes in 2015 but the new owners are hoping to grow this significantly when they submit a revised planning application.
The development site is near City Hospital and the current planning consent allows for the construction of six plots, with three fronting onto Dudley Road.
Vacant and derelict buildings will make way for a variety of different-sized properties.
Soho Loop sits next to Icknield Port Loop, another major regeneration planned for this part of Birmingham, and features in the Greater Icknield Masterplan.
The overall vision is for 3,000 new homes and 1,000 new jobs in an area which neighbours Edgbaston Reservoir and the Jewellery Quarter.
Earlier this year, Apsley House Capital and Galliard Homes announced they had joined forces to purchase a car park in the Southside district close to the Hippodrome theatre to build 385 flats in a project called The Timber Yard.
Apsley's director Robin Norstrom said: "We are really excited about the Soho Loop development.
"It is going to transform what is a neglected and derelict area of Birmingham into a canalside quarter of high-quality homes with character in a green pocket.
"It has the added attraction of being just a few minutes' walk or cycle from all that Birmingham has to offer in terms of entertainment and employment.
"It is an ambitious project which will deliver well-managed, good-quality housing. We see it as an innovative response to today's changing needs in accommodation.
"We also believe it could assist with the retention of graduates and key workers in Birmingham while supporting the inward investment decisions of key employers in the region."
He added: "We have identified Birmingham as a key city in Europe for further investment.
"We really believe it has an enormous amount to offer both now and in the future with the arrival of major projects such as the new HSBC headquarters, the Paradise development and the start of work on HS2."
In 1788, the first canal-based glassworks in the city was built on the site as the Park Glasshouse and continued in production for about a century.
In 1896, it was redeveloped as the German Silver Works to produce a type of alloy that was widely used in the jewellery and flatware trades in Birmingham.
Manjit Deol, founder of Claremont Property Group, added: "The Soho Loop development will bring new life back to what was once a densely occupied industrial hub.
"The canal frontages provide an attractive residential environment, just over a mile from the city centre which is easily reached along the tow paths on foot or bicycle."