The JV will be responsible for the regeneration of the 1.6-hectare site to the rear of Exchange Station in Liverpool, subject to planning approval.

The development plan comprises 400,000 sq ft of Grade A+ office space for the city, as well as associated leisure, retail and landscaped public realm.

The scheme is expected to create 1,800 jobs and attract considerable inward investment.

“Liverpool is undergoing an unprecedented era of growth with £14bn of developments in the pipeline and the council is playing a huge role in enabling this regeneration, be it Paddington Village in the Knowledge Quarter, Ten Streets, Festival Park or our new housing company,” said Joe Anderson, mayor of Liverpool.

“Job creation is critical to any successful city which is why schemes like Pall Mall are so important.

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“We know we need more top-quality office accommodation in Liverpool to attract blue-chip companies and Pall Mall is in the perfect location as a natural expansion to our commercial district.

“I’m delighted we have partners of the calibre of Kier Property and CTP in this hugely important scheme and I look forward to seeing their ambitious plans take shape.”

Tom Gilman, managing director (North) at Kier Property, said that it was delighted to be the preferred developer to deliver the scheme.

“We have worked hard to develop plans that not only benefit the city, but also, the people who live and work here every day.

“Next steps will be to conclude legal agreements before submitting a planning application following the consultations that we carried out last year with the public and places matter.

“This project adds to Kier’s presence in Liverpool, where we’re currently delivering a number of schemes, including the new student accommodation block and three-storey college building for Liverpool International College at the city’s Knowledge Quarter.”