Warwickshire County Cricket Club (CCC) has announced an £85m (€93.4m, US$109.2m) deal with German investment group Patrizia and the government's Homes & Communities Agency to develop a four-acre site next to Edgbaston Cricket Ground in Birmingham.

The agreement, which still requires planning permission, will see Patrizia's UK arm build 375 'build to rent' homes and new retail outlets on the site, which is close to the city's centre.

The proposal would also see Warwickshire CCC benefit from a new main entrance on Edgbaston Road, a plaza area for match-days and an extension to the stadium car park.

Speaking about the project, stadium and cricket club chief executive Neil Snowball said: "The apartments and retail outlets, combined with the new entrance and plaza, will make the stadium a year round destination and further enhance our match day experience"

The announcement of the new development marks another key stage in the club's 20-year Edgbaston Stadium Masterplan, which began in 2010 with a £32m (€35.1m, US$41.2m) investment in the redevelopment of the ground's South Stand.

James Muir, managing director at Patrizia UK, said: "Edgbaston is an established and thriving part of Birmingham, and this particular location has access to the best of the city, including sports, employment and entertainment.

"We are pleased to have agreed this plan which is aligned with our commitment to build more homes in the UK."

Patrizia UK will now develop design plans for the development before starting public consultation and seeking planning permission.