The project will include three new buildings: one 150,000 sq ft office tower and two residential blocks.

Muse is working alongside Network Rail and Manchester City Council to ensure the scheme complements neighbouring developments, including the rail operator’s £44m transformation of Victoria station.

The plans are part of Network Rail’s commitment to unlock publicly owned land for new housing.

Network Rail head of residential Tim Dickinson said: “Network Rail’s £44m investment at Manchester Victoria station has clearly provided a major catalyst for wider regeneration in the city, delivering much-needed jobs, homes and development opportunities.

“This deal with Muse will support Network Rail’s commitment to unlock land for housing while generating income to be reinvested back into the railway.”

Muse development director David Burkinshaw added: “New Victoria presents a unique opportunity to deliver a landmark development next to the city centre’s prime leisure and retail attractions and one of the North-west’s main transport hubs.

“New Victoria offers an unparalleled location and an outstanding development opportunity.”