Developed by J Group, Leo Homes and V Fund, the scheme known as The Forum will revitalise an underused part of town and play an important role in connecting the old and the new town.
The site had previously been occupied by Office Outlet which will need to be demolished.
Architect PRP designed the project that is expected to cost £49m to build. It consists of a single large residential block of varying heights up to 13 storeys split into two cores.
Robert High, associate director at PRP, said: “The aim of the team has been to create a safe and active street environment, together with high-quality homes that add to the vibrancy of the New Town.”
Bob Pecotic, Director at Leo Homes, said: “All of us here at Leo, J Group and V Fund are delighted to be involved in such a progressive urban regeneration project in a great town that is undergoing an exciting transformation, we couldn’t have done it without our amazing team, including Richard Quelch at Q Square and our brilliant architects PRP.”
PRP has delivered a number of ground-breaking Build to Rent projects, including Quintain’s flagship development at Wembley Park and Westfield’s Cherry Park in Stratford. The team is also currently involved in the £1bn regeneration of Stevenage.