A NEW multi-million pound student flat development could soon tower over Southampton.

The Millhouse Group is hoping to build a new 125-bedroom block of student flats at 31 High Street in Southampton, which was once the site of a former bank in the city.

Under the plans which were submitted to Southampton City Council, there will be 125 self-contained student accommodation units which would be aimed at postgraduate students, a restaurant and a gymnasium covering a total building footprint of 780 square metres.

Another 547 square metres would be set aside for parking.

The front three-storey facade of the existing Heritage Asset would be retained, with a new five-storey space being constructed to the rear.

Developers also plan to install a frameless glass viewing platform facing the High Street which will allow direct views in and out onto the high street.

Andrew Khoury, managing director of Khoury Architects, who are developing the site in partnership with Millhouse, said: “There is certainly a demand for student accommodation in the city.

“We have taken into account all of the local heritage to make the development fit in with the local area.”

He described the location as a “prime” city centre location with good access to both Southampton Solent University and Southampton University.

Councillor John Noon, who represents Bargate on Southampton City Council, said: “I support this application, which I believe will bring back to life a local listed building.

“This application will keep all the features of the former Bank of England building both on the High Street and the rear entrance on East Gate Street to the former bank.”

Originally, the building was a branch of the Bank of England which opened in 1938 to serve the communities across Hampshire.

The building was constructed in a facade of Portland stone with motifs by the sculptor Sir Charles Wheeler and its large bronze doors.

Inside, The Banking Hall on the ground floor was finished in Ancaster stone and bronze while the sub-basement contained gold vaults which had the capacity to store 24,000 gold bars.

To the rear of the property, The Student Housing Company built a 356-bed residence which opened in September 2016, along with a new apart-hotel scheme in Queen’s Terrace and a 44-unit residential development on part of the fruit and vegetable market in Queensway.

A decision on the application is expected to be made in September.