The development, named The Meridian, will be built close to Sheffield’s train station at a prominent 1.1-acre brownfield site on the corner of Farm Road and Queens Road, which has been vacant for many years.
The scheme will consist of one, two and three-bedroom modern open-plan apartments, 94 private balconies.
It will also feature co-working spaces, residents’ lounge and gym, as well as landscaped roof garden.
James Mulcare, head of residential Capital Markets at Godwin Developments, said: “We are delighted to have received planning consent from Sheffield City Council for this scheme.
“The development is a major milestone for the BTR market in the city, bringing forward a multifunctional living space that is also perfect for working, relaxing and socialising.
“We are confident it will be a popular choice among residents of various age groups – and an attractive proposition for investors.”