Developers are planning to build a huge new apartment complex in Birmingham city centre after acquiring the former home of Marks & Spencer.
BlueCastle Capital has bought 42 High Street in an undisclosed deal and is now proposing to demolish the building and replace it with "a landmark residential development".
The London-based firm specialises in investing, developing and managing build-to-rent schemes.
Although the project is in the very early stages, the scheme is likely to have a tower of around 50 storeys with circa 500 units.
No timescales for a public consultation nor submission of planning application have yet been revealed.
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The building, close to the Bullring and in the heart of Birmingham's retail district, sits just a few hundred feet away from the new HS2 railway station in Curzon Street.
It became vacant when Marks & Spencer moved to a brand new, 68,000 sq ft store over two floors which opened
The retail stalwart had been based in High Street since 1904.
BlueCastle Capital said the "prime site" at 42 High Street presented a rare opportunity to deliver what it called a transformational, residential-led development in one of the º£½ÇÊÓƵ's most ambitious regeneration zones.
"Located just 250 feet from the future Curzon Street HS2 Station, the site will serve as a gateway to the city and a key anchor point between Birmingham's central business district, the creative quarter of Digbeth and the emerging Smithfield development area," it added in a company statement.
"BlueCastle is progressing plans for a build-to-rent development that will combine high-quality homes, modern tenant amenities and sustainability-focused design.
"The development is intended to form part of BlueCastle's seed portfolio for its º£½ÇÊÓƵ build-to-rent fund."
Chief executive Ed Williams added: "This is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the º£½ÇÊÓƵ'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.
"Birmingham's connectivity, culture and momentum make it a key city for our long-term strategy and the site's strategic location next to the HS2 terminus makes it a critical piece in the city's regeneration puzzle."
The Birmingham acquisition will form part of a pipeline of more than 1,500 build-to-rent homes planned by BlueCastle Capital which also includes Stevenage, Cardiff and Sheffield.
