The development team will regenerate the vast 1.6 ha site to the rear of Exchange Station, subject to planning approval.

The masterplan comprises 400,000 sq ft of office space for the city, as well as associated leisure, retail and landscaped public realm.

A planning submission is expected to be made in late spring 2018, and subject to approval, the developers are then expected to start on site on the first phase of the masterplan, which will be the regeneration of the Pall Mall NCP car park area.

The scheme is significantly important for the city as it is expected to attract considerable inward investment and create 1,800 jobs.

Mayor of Liverpool Joe Anderson, said: “Liverpool is undergoing an unprecedented era of growth with £14bn of developments in the pipeline and the council is playing a huge role in enabling this regeneration, be it Paddington Village in the Knowledge Quarter, Ten Streets, Festival Park or our new housing company.

“Pall Mall is in the perfect location as a natural expansion to our commercial district. I’m delighted we have partners of the calibre of Kier Property and CTP in this hugely important scheme and I look forward to seeing their ambitious plans take shape.”

Tom Gilman, managing director (North) Kier Property, said: “We have worked hard to develop plans that not only benefit the city, but also, the people who live and work here every day.

“Next steps will be to conclude legal agreements before submitting a planning application following the consultations that we carried out last year with the public and Places Matter.

“This project adds to Kier’s presence in Liverpool where we’re currently delivering a number of schemes, including the new student accommodation block and three-storey college building for Liverpool International College at the city’s Knowledge Quarter.”