The development will be known as Bishop Gate and is due to be unveiled for public consultation today at the city hall.

Henry Bellfield, director of Barberry Developments, said: “We are working closely with Coventry City Council and hope to finalise in the coming weeks a planning application for a scheme totalling around 400,000 sq ft to incorporate a supermarket superstore, non-food retail units, a fitness centre and associated on-site car parking.

“Following the closure of the Royal Mail sorting office this part of the city centre is in desperate need of new investment and redevelopment. The plans we are currently working on are hugely exciting and will create hundreds of jobs for local people.”

A planning application will be submitted this month in the hope that work could begin on site later this year.

The existing Royal Mail building would be demolished. Barberry and Coventry City Council are also looking at proposals to remove the pedestrian bridge across the ring road to the canal basin and replace it with a ground level crossing, to try and improve the connectivity of the city centre and the basin.

Mr Bellfield added: “Coventry City Council has been incredibly positive in terms of supporting the superstore and large retail space which is very refreshing.

“There is a huge positive sentiment in the council and they are motivated to see great things happen. We believe our development fits in perfectly with the regeneration masterplan for the city centre which sets out the council’s vision for the future.”