The deal will see L&G take ownership of 145 homes for social rent and 55 for shared ownership, spread across the first four blocks fronting Queen Victoria Road and Market Way.

These units form part of phase one of the wider regeneration, which will deliver 991 homes, 8,000 sq m of commercial space and 17,000 sq m of public realm in the heart of the city.

Construction is expected to begin later this year with first completions due by late 2027.

Andy Hill, group chief executive at Hill, said the tie-up with L&G will ensure affordable homes are “genuinely central” to the life of the new community from the outset.

L&G Affordable Homes chief executive Ben Denton said the deal shows how “institutional capital can be deployed to meet housing need while delivering high-quality places to live.”

Coventry City Council, the West Midlands Combined Authority and Homes England have all backed the scheme, with funding in place to unlock early delivery.

Cllr Jim O’Boyle, cabinet member for jobs, regeneration and climate change, said: “This agreement is a significant and important step in bringing forward the type of housing that local people need.”

All homes will include private balconies or terraces and access to podium gardens. The wider scheme will feature rooftop greenspace, solar panels, district heating and cycle links.