Salford City Council has granted consent for Select Property Group to build 260 flats for rent in a 17-storey block within the Greengate Embankment development area.
City Suites on Chapel Street close to Victoria Station and Manchester Cathedral in the city centre will contain a mix of studios, one, two and three bedroomed properties. Residents will benefit from a spa pool, gym and dedicated concierge service.
Select said it will offer shorter leases than usual starting from a one month term.
Apartments will be sold through Select Property Group to investors from around the world before being rented out on their behalf by the company's management team.
Deloitte Real Estate North West worked with Select Property Group to gain consent for the planning application. The architect is London-based Flanagan Lawrence.
Completion is due in 2016.