A prime regeneration site in Birmingham city centre once earmarked for a new office development has been sold.
Vita Group has acquired the four-acre Axis Square plot next to the Mailbox from LCR and is now planning a new residential-led scheme called 'Goods Station' - a nod to the location's former use as a railway depot in the 1920s.
It is planning a brand new masterplan for the land and will be announcing more details next month ahead of a public consultation later this year.
The Cheshire-based firm's portfolio of business sectors includes development and architecture, finance, PR and tech while its student accommodation arm already has a presence in Birmingham at the old BBC Pebble Mill.
Chief commercial officer Mark Oakes said: "Axis Square is an incredible opportunity, situated in the heart of the city centre.
"It offers bags of potential to do something special, something which the city can be proud of, something which brings the city together to create a vibrant destination.
"It's been great to work with LCR and we look forward to being able to share our ideas with the council and public later in the year."
The land off Holliday Street was occupied for many years by the 1970s Axis building which housed engineering and planning consultancy Atkins but it struck a deal in 2021 to move its 850 staff to Two Chamberlain Square at Paradise.
LCR announced plans in 2016 to build four new office blocks there - two of which have since secured consent - but little work has taken place on the site other than demolition of the Axis building.
LCR then revealed early last year that it had recruited property agency Savills to market the opportunity to investors and also said it had commenced discussions with Birmingham City Council about building up to 1,000 apartments there instead.
At that time, LCR said the switch from an office-led project had been prompted by the covid-19 pandemic and "changing market conditions in Birmingham".
LCR, also known as London and Continental Railways, is wholly owned by the Department for Transport and works in fields such as land assembly, placemaking, commercial development and asset management.
Chief executive Peter Hawthorne added: "We're delighted to complete this deal with Vita Group.
"We have been working for a number of years to help the site realise its potential through enabling wide-scale regeneration and are now excited to be able to handover to Vita to continue the transformation that we started and create a vibrant new destination in the city centre."
Terms of the deal were not disclosed. Advisors acting on the purchase were Deloitte, Eversheds Sutherland, Savills and Shoosmiths.
