At 40 storeys high, it will be the first major tower project to get underway on the 60 hectares of docks to the north of the city centre

It will be delivered by Moda Living, a joint venture between Caddick and Harrogate’s Generate Land, set up to build a rental property portfolio.

The Princes Dock scheme will consist of a block of 325 apartments and is earmarked to be completed towards of the end of 2017.

Turner and Townsend is on board as project manager and cost consultant with Tate Consulting covering M&E and Roscoe supplying structural engineering design.

Moda Living has already secured a development pipeline of 2,750 units with a development value of £580m.

The firm is targeting more than 3,000 further units and its portfolio is expected to have an end value of over £1bn.

It will also be submitting planning permission shortly for its flagship scheme, Angel Gardens, the major residential component of The Co-operative and Hermes NOMA masterplan, in Manchester City Centre.

Johnny Caddick, director of Moda Living, said: “Our development pipeline will focus primarily on UK cities which we feel present the greatest opportunities and as such we’re looking to set the benchmark for delivering a residential investment portfolio across the country.

“We’re already turning heads as we have more than 2,750 units under our control and we’re in negotiation on further sites in key regional cities including Birmingham, Leeds, Edinburgh, Bristol, Glasgow and Liverpool.