Named Exchange Square, the site has gained approval for the development of 600,000 sq ft of commercial space across two buildings, ground floor retail, and a 200-bed hotel and apartments.

All set around a new public realm, Exchange Square is designed by Glenn Howells Architects to be delivered in phases, with the public square and any of the site’s three planned buildings able to be brought forward, depending on market demand.

James Payne, development director, Nikal, said: “We are naturally delighted with the decision by Birmingham City Council to grant outline planning consent for this scheme.

“Exchange Square represents one of only a few deliverable solutions to the perceived upcoming shortage of Grade A space in Birmingham over the next two years.

“With a cleared site and infrastructure in place, we could achieve completion of any of the planned buildings within just 18 months.

“We are now looking forward to developing detailed plans for each of the buildings in what will become one of Birmingham’s best business addresses.”

Situated in the City Centre Enterprise Zone, Exchange Square is well positioned to be served by both existing and planned transport services and with the site already cleared, no demolition works will be necessary to prepare it for construction.