Construction work has started on a new £8 million hub aimed at attracting tech companies to Birmingham.

iCentrum is the first of four buildings planned for land next to Faraday Wharf, in Holt Street, which collectively make up the Innovation Birmingham Campus next to Birmingham Science Park Aston.

It will be 41,700 sq ft and is being built speculatively with a planned completion date of March 2016.

The technology incubator is being funded through a commercial loan, agreed with Birmingham City Council, to cover the main construction and fit-out costs.

In addition, Innovation Birmingham has secured funding from the Greater Birmingham & Solihull Local Enterprise Partnership to create additional co-working space in the new building.

It is hoped the new businesses within iCentrum will create 400 high-value skilled tech jobs and generate £25 million of GVA to the local economy per annum.

The building will be one of the first to start on site within the GBSLEP's Enterprise Zone, which features 26 sites within central Birmingham.

The top floor will feature a range of flexible office suites for companies while the first floor will be home to Innovation Birmingham's 'Serendip' incubator.

David Hardman, chief executive of Innovation Birmingham, said: "We have a waiting list for space at the Innovation Birmingham Campus and this new state-of-the-art incubation facility will drive a new generation of tech entrepreneurs for the city.

"As a lighthouse, it will act as a focal point for the city's burgeoning tech scene, helping to ensure Birmingham is recognised as one of the great UK 'Tech Cities'."

Stourport-based Thomas Vale Construction is the appointed contractor on the project.