The Exchange Square development will also offer 186 car parking spaces.
Located close to the proposed HS2 city centre terminus, Exchange Square is hoped to significantly boost the city’s residential market.
Nick Payne, managing director at Nikal, said: “Now that planning consent has been secured we are in a position to bring forward the first phase of what we are sure will be a transformational development for the area and one that will be an exemplar scheme for Birmingham’s residential market.
“With its prime location and on-site ancillary services, we are anticipating significant rental interest from a wide range of professionals, underpinned by the city’s growing financial services sector.”
The new development will be funded through a deal worth upwards of £100m with LaSalle Investment Management to acquire the long leasehold interest in the residential units for build to rent apartments on behalf of a client.
Richard Debney, regional director LaSalle Investment Management, said: “Exchange Square will be the first build to rent scheme of its size in Birmingham, which has enjoyed a very strong residential letting market of late with a shortage of high quality apartments.
“We believe the urban village concept at Exchange Square will not only create a critical mass of apartments with attractive community facilities, but bring a unique proposition to the Birmingham market that we are confident will prove popular with young professionals seeking high quality city centre accommodation.”
Work is anticipated to begin on the site in the summer, with completion of the first block in 2018 and the final block before the end of 2019.
Nikal has an existing outline planning consent in place for the delivery of up to 1,000 residential units on the site, with a detailed planning application for a second phase of development, including additional residential buildings and a new public square, due to be determined by Birmingham City Council in May.