Muse joint venture English Cities Fund (ECF) is seeking contractors for Wolverhampton’s ‘largest’ regeneration project.
ECF, a public-private partnership between Homes England, Legal & General, and Muse, is working in partnership with City of Wolverhampton Council to deliver the City Centre West regeneration.
The project is set to feature a new neighbourhood of homes, shops, cafés, restaurants and public spaces, aimed to have a “transformational impact on the wider city centre”.
Subject to planning, delivery could begin later this year.
Property consultancy CBRE has been appointed to identify residential partners to help deliver 241 Build to Rent (BtR) apartments and 90 affordable homes.
The 12-acre site’s masterplan provides for more than 1,070 new homes delivered across four phases.
The development will also include shops, restaurants and bars, in a new public realm and green space.
Last year, ECF signed a development deal to deliver the regeneration scheme, which will be the first project delivered by the public-private partnership in the Midlands.
In January last year, Wolverhampton secured £2.6 billion of investment for its city living projects, creating 6,500 new homes and 4,000 jobs.
Stuart Eustace, CBRE’s Residential Capital Markets team head, said: “The residential partnership opportunities are for the BtR and affordable homes in City Centre West’s first – and largest – phase.
“Wolverhampton’s BtR market is in its infancy, but demand for homes to rent is on the rise, with 20 per cent more of the city’s growing population expected to live in rental accommodation by 2026 compared to 2021.
“The market is crying out for new products and a great opportunity for investors to get in on the ground floor of this scheme..
“We welcome interest from affordable housing operators looking to acquire high quality homes in a prime location.”
Basit Ali, development director at ECF, said: “Wolverhampton is enjoying an investment boom, with the £152 million Interchange project delivering a new railway station and tram link, and a £19 million investment in the final phase of city centre public realm improvements.
“It’s an exciting time to invest in Wolverhampton’s residential market and deliver new homes for the city’s growing population.”
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