The Hollis Croft Road project in the city will consist of nearly 1,000 beds, costing around £63m to build.

Designed by Sheffield-based architect HLM the proposed student complex will involve construction of around 400,000 sq ft.

Harrow-based 4D Structures is understood to be in line for the groundworks and frame contract.

The scheme will also include commercial space and a new pedestrian link along the western edge of the site connecting Garden Street through to St Vincent’s Church.

An 18-storey tower will become a new landmark in a part of the city designated for tall building development.

There will be 251 self-contained studio apartments in the tower, which will enjoy views over the city and the Peak District beyond.

Watkin Jones obtained planning for the Hollis Croft Road complex at the end of last year

This morning the firm also revealed it had forward sold a development of 354 beds on Little Patrick Street in Belfast to the same institutional investor.

Both developments are due for completion for the summer of 2019. The agreements mean Watkin Jones has now forward sold 1,981 of the 3,545 beds planned to be delivered ahead of the 2019/2020 academic year.

Mark Watkin Jones, chief executive officer of Watkin Jones, said: “These agreements further demonstrate the Group’s strong and growing relationships with institutional investors, as well as the continuing demand for high quality purpose built student accommodation.

“Our ability to secure, fund and develop a pipeline of attractive sites provides excellent earnings visibility for our shareholders.”