The landmark building fronts onto Brook Street and Bath Street in Nottingham. The redevelopment plans have been produced by Godwin Developments, which has entered into an agreement to purchase it from Emma Property Management.
Architect for the scheme is RG+P, supported by civil engineer HSP Consulting.
Godwin group land director Stephen Pratt said: “We are truly excited about the opportunity to breathe new life into this iconic and historical building within Nottingham city centre, which has been prime for redevelopment since the former Royal Mail office closed in 2002.
“The scheme will provide much-needed brand new residential units in the city, which is in the midst of a £2bn construction boom. We intend to take the development forward quickly, and will work closely with local planners, the community and the council to ensure it provides the best possible opportunities for Nottingham.”
A planning application will be lodged with Nottingham City Council in the next two to three months, he said, and demolition will start in the next 18 to 24 months.
The Nottingham deal comes just weeks after Godwin Developments announced build-to-rent (BTR) schemes in Sheffield and Stafford, giving the developer a pipeline of more than 1,300 residential units across the UK.