Plans have been revealed for a 37 storey apartment block in the middle of Birmingham for the private rented sector.

Apache Capital Partners and Moda Living announced that they intend to develop and transform a 3,000 m2 site on Birmingham’s Broad Street into a £145 million purpose built rental development through their private rented sector (PRS).

The site has been bought from Bloomcrest, in a joint venture between Cordwell Property Group and Richardson Capital LLP.

Glenn Howells Architects’ initial designs show that the tower will have 450 apartments and around 3,250 m2 of additional leisure, office and retail space.

The project will be delivered by developer Moda Living, an operator of private rented housing, and fully funded by Apache Capital, the London and Gulf based private real estate investment management company. Apache Capital and Moda Living intend to retain ownership of the property and operate it themselves.

Through their JV partnership, Apache Capital and Moda Living have a PRS development pipeline of more than 5,000 apartments with an end gross development value of £1 billion.

The JV recently secured planning permission for the £128m 466-apartment Angel Gardens development in Manchester that Apache Capital has funded.

Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “This prime site is perfectly placed in the heart of central Birmingham and will deliver a completely new standard of residence and lifestyle for the city centre rental market whilst also becoming part of the local community and supporting the city’s continued strong growth.

“Funding support from our institutional investors remains strong for our secured premium PRS development pipeline that we will own and operate for the long term.”

Meanwhile, more than 900 apartments look set to be created across three high-rise schemes in Liverpool city centre, including 304 private rented sector homes in a new landmark £80m tower on the waterfront.