Under the proposals, which are due to be lodged with Birmingham City Council later this month, the Rackhams building would be completely redeveloped to provide nine floors of offices, a hotel, a rooftop terrace, as well as bars, restaurants, cafés and retail space.

Following the sale of House of Fraser to Sports Direct earlier this year, L&G agreed a temporary lease for the 490,000 sq ft property with the new owners to keep the store trading. As a result of the agreement, House of Fraser is understood to be paying just 20% of the previous rent.