Prospect Capital and Wilcocks & Wilcocks, advised by Indigo Planning, have submitted plans to Liverpool City Council for Ovatus 1, – a £35m tower planned for the city centre.

The hodder+partners-designed Ovatus 1 is the first phase of a two-tower development on the site.

An application for an adjacent taller tower, Ovatus 2, will be submitted for consideration in 2017.

The development will regenerate the current site, and is planned to comprise of 168 residential units, including 14 3-bed apartments, 88 2-bed apartments, 22 1-bed apartments and 44 studio flats.

Craig Blackwell of Prospect Capital said: “With the site’s key gateway status in Liverpool, as well as its landmark nature and overall significance, we knew that bringing the right team together on this project was very important.

“In appointing Indigo Planning and hodder+partners, as well as WSP and PlanIt, we are confident that the team in place has the skills and expertise to do great justice to a forthcoming special addition to Liverpool’s skyline.”

Martin Wilcocks of Wilcocks & Wilcocks said: “The project is currently fully funded and financed to ensure the scheme’s deliverability, with enough presales secured to ensure the tower is fully occupied on completion. A testament to the demand for this kind of stock in Liverpool.”

Nick Fillingham, Associate Director at Indigo Planning, said: “With demand for high quality residential units growing in cities such as Liverpool, there is currently a real appetite in the market for this kind of development.

“The scheme’s close proximity to the historic Princes Dock, as well as the existing local amenities and direct access to Liverpool’s City Centre, will create a sought-after development which is set to improve the area’s residential offering.”

The application is set to be determined towards the beginning of 2017, following which start on site could begin as early as April 2017.