Property developers iMpeC and Buccleuch Property are seeking approval from Middlesbrough Development Corporation for more than 230 build-to-rent properties, and a 450-bed student accommodation block at a derelict site in Gresham.

International hotel brand Fairfield by Marriott is also in discussions to open a 200-bedroom hotel as part of the wide-scale regeneration project.

Contractor Wates is in line to deliver the project which would be the largest single investment in Middlesbrough in a generation.

Subject to planning permission and MDC board approval, building work on the project could start as soon as early summer 2025.

Tees Valley Mayor and Middlesbrough Development Corporation Chairman Ben Houchen said: “This incredible development is proof of how our Development Corporation is making a huge difference to the future of Middlesbrough town centre.

“This site has stood empty and unloved for far too long but in just a short space of time we have helped support this project which would see the biggest one-off investment in Middlesbrough in living memory.”