Almost 400 new apartments are to be built in Birmingham's Southside district after a land deal was agreed.
A joint venture between developer Galliard Homes and funder Apsley House Capital has purchased the leasehold of a car park on the corner of Skinner Lane and Hurst Street to build 385 units.
This is the first investment being made in Birmingham by London-based Galliard and a planning application for the development is due to be lodged within the next six months.
It is expected the development will have a mix of apartments ranging from one to three bedrooms, alongside parking and ground floor commercial and retail units fronting Pershore Street and Hurst Street.
The land was previously owned by The Gooch Estate which is behind several other developments in the Southside area through its Benacre Properties arm.
It also recently sold land off the A38 Bristol Street to be redeveloped into a new 15-storey apartment complex containing around 500 units, expected to be called Kent Street Baths.
Chartered surveyor Pennycuick Collins and law firm Emms Gilmore Liberson acted on behalf of The Gooch Estate.
Charles Gillett, partner at Pennycuick Collins, said: "Land in and around the Southside area continues to remain in high demand, having prospered from significant and sustained investment and redevelopment.
"The proposed mixed-use scheme brings wide-ranging community benefits and will enhance this already vibrant area of the city."
Beth Margetson, associate property solicitor at Emms Gilmore Liberson, added: "This is a great piece of business for the city as another part of Birmingham looks set to be rejuvenated.
"This confirms the appetite that exists for residential development in Southside and contributes to the transformation of this currently under-used area at a time when the adjacent Smithfield scheme is being brought forward."
Will Jordan, associate at property Knight Frank which acted for the purchaser, said: "Galliard Homes' first investment in Birmingham is a real mark of strength for the city, proving it is an attractive prospect for leading developers.
"With Southside already a popular residential address and neighbouring Birmingham Smithfield due to undergo huge redevelopment, we believe this scheme will be the catalyst for further local investment."