The partnership deal paves the way for construction to start on the £100m Arundel Street development.

The JV partnership is currently in advanced talks with contractors with site preparation work and demolition aimed to commence soon.

Construction is anticipated to be fully underway in the second quarter of 2020.

It will involve building three main blocks of up to 23 storeys with a mixture of luxury one, two and three-bedroomed apartments.

The scheme will not only offer residents roof top gardens but commercial, retail and leisure space as well.

A planning application was approved by Manchester City Council earlier this year.

The High Street Group chairman, Gary Forrest said: “Manchester is a thriving city with a growing number of high-tech and media businesses and the demand for housing in the area has increased significantly.

“Over 19% of people currently prefer to rent and that figure is expected to rise rapidly in the future.”

The Arundel Street site, which was the former home of Dot motorcycles, was acquired by Logik in 2017 and the 355-unit scheme will be the developer’s first major project in Manchester.

Nationally, High Street Residential is constructing or preparing to build eleven other PRS developments in and around major cities such as Birmingham, Manchester, Milton Keynes and Newcastle.