The plan will transform a site opposite The Mailbox, which currently comprises a 1950s office block and derelict car park into prestigious residences.

Riverlow plans to build two blocks, one of 15 storeys and another of 12 storeys, which together will provide 159 apartments.

Over a third of the accommodation will be affordable. Both luxury and affordable apartments will blend seamlessly with the only difference being the level of specification within the apartment.

A building contractor will be appointed once planning is secured to start works in early 2024. 

The two new-build residential blocks will be set around a communal garden and square, which will be shared with residents of Queensgate House, representing phase one of Queensgate Square. 

Contractor DRG Solutions is presently working on phase one to transform an eight-storey 1950s office block into 68 build to rent apartments by mid-2024. 

Max Reisner, spokesman for The Riverlow Group said: “Despite all the recent economic turbulence, the investors we speak with regularly, wherever they are in the world, all know that Birmingham remains rich with investment opportunities. 

“Aspirational apartments are always in high demand, especially for rent. We know we get it right because we know we’d love to live in our developments. That level of comfort is important when your neighbour is the Bond Street of Birmingham ie The Mailbox.”