HMV will open a new flagship in Birmingham city centre next month which will act as a live music space and focus on vinyl records.

The entertainment specialist plans to open a 40,600 sq ft flagship store, which will be called The Vault, in a former Ikea click and collection point in Dale End, Birmingham.

According to Property Week, the retailer’s new parent company Sunrise Records has signed a five-year lease on the Hammerson property for £100,000 per year.

It is understood that HMV’s upcoming Birmingham store will boast a live music space for bands to perform and offer customers the chance to touch and test the retailer’s products, with a keen focus on vinyl.

The store will be named The Vault after a music streaming service with the same name launched by HMV Canada in 2012.

This opening marks the first new format launched by HMV since it was acquired out of administration by Sunrise Records owner Doug Putman for £883,000 back in February.

Putman beat off Sports Direct boss Mike Ashley in his bid for the entertainment retailer.