The building will play a prominent part in the Liverpool Waters masterplan

The tower, which will be built at Princes Dock will house 304 apartments and will be the tallest development in the Liverpool Waters neighbourhood, forming part of Peel Group’s £5.5bn regeneration masterplan for the area.

The 34-storey tower, designed by Falconer Chester Hall architects, has been called the Lexington because its apes the New York-style design.

Apache Capital is fully funding the 300 rented flats scheme, with communal facilities including a 17th floor residents’ lounge, gym, a roof, terrace, a garden and a cinema.

Last week the developers also secured planning for a £145m, 450-apartment block on Broad Street, Birmingham. Carillion is also building a £128m, 466 apartment PRS development in Manchester, known as Angels Gardens.

The partnership has to date secured a PRS development pipeline of around 5,000 flats located in prime city centre sites across the UK’s major regional cities with an end gross development value of £1bn.

Dan Brooks, director at Moda Living, said “This is the next important step in our ambitious plan to create the UK’s leading rental brand providing a new benchmark for city centre living.”

Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “The Lexington will provide a fantastic legacy for Liverpool and its historic skyline and waterfront, creating from the outset a vibrant community that will be part of the local area.”