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
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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 海角视频'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 海角视频 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 海角视频'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.
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"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.