Plans will bring forward two sensitively restored Listed buildings, alongside purpose-built student accommodation and build-to-rent apartments delivering 759 bed spaces and 189 units respectively.
The East Listed building will be refurbished to contain 52 studio apartments while the new student block of 707 study bedrooms will rise to 31 storeys.
At the heart of the scheme the West Listed building will be refurbished and brought back to life to house commercial and amenity facilities for students and the wider community. Surrounding the building will be new public pathways creating a civic and neighbourhood space, with associated public realm and a tree lined avenue.
Set back from the student accommodation and located alongside the canal will be the new seven and 10 storey build-to-rent apartment blocks.
Charles Frost, Senior Development Manager at McLaren Property, said: "We are thrilled to be able to progress our plans to bring new life to the Queen's Hospital Close site and restore the original listed buildings, as well as deliver much needed student accommodation and new homes to the City of Birmingham.
"We very much look forward to continuing to work with Birmingham City Council and with Aventicum to regenerate the area and help deliver the next generation of high quality accommodation."
Jan Dijkstra, Senior Director at Aventicum Real Estate, added: "Our commitment to the redevelopment of Queen's Hospital Close reflects our long-term conviction in the European living sector and in particular Birmingham as one of the UK's most dynamic cities.