It would be Birmingham’s tallest building alongside 172m-tall Curzon Wharf scheme, which secured approval three years ago but has not moved to construction.

Designed by architect Squire & Partners, the mixed-use scheme would be built on the long-vacant former Marks & Spencer site opposite the future HS2 Curzon Street station.

The 42 High Street development forms part of Birmingham’s Central Heart regeneration strategy.

More than half of the 0.8-acre site would be opened up as publicly accessible space, with 1,677 sq m of new landscaping, public art and pedestrian routes designed to improve links between the commercial core and the new HS2 station.

At ground level, a colonnaded podium would widen Carrs Lane while providing 346 sq m (3,725 sq ft) of flexible retail and commercial space to activate the street frontage.

The residential tower would deliver a mix of one, two and three-bedroom apartments, with resident amenities including lounges and a landscaped roof terrace on level 48.

Ed Williams, chief executive of Bluecastle Capital, said: “This is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the UK’s fastest-growing cities.

“Our vision is to deliver an outstanding build-to-rent scheme that sets a new benchmark for quality, sustainability and urban living.”

Consultants: Squire & Partners (architect), Layer Studio (landscape architect), Iceni (planning, heritage, townscape, EIA, economics, archaeology and engagement).