Nikal has revealed plans for two towers of 30 and 34 storeys as part of its rethought Exchange Square BTR scheme in central Birmingham.

The move comes as a new wave of funding literally lifts the roof on Birmingham BTR development. Before Easter it emerged that Goldman Sachs is providing a £118M loan to support the 42-storey Moda Living tower scheme at Broad Street. Nearby Regal Property Group is now nearing completion on a 33-storey tower and developer St Joseph is preparing the way for a 37-storey scheme at Eastside Locks.

The Nikal application comes four months after the developer agreed a £77M funding deal with BTR landlord Grainger.

There will be two residential towers facing Moor Street and Curzon Street, where the HS2 rail terminal will be located. The scheme will include 375 apartments along with a 235-bed hotel to be operated by Premier Inn, Birmingham Live reported.

The new plan replaces an earlier 2016 planning consent which envisaged 16 storeys, and comes shortly before the completion of the 603-unit, 27-storey first phase at Exchange Square, where work on site is expected to finish in November.