Leading developer, Lovell has been given the green light to transform a former industrial site into 151 brand new, high quality homes in Wolverhampton, thanks in part to funding from the West Midlands Combined Authority (WMCA).
Located on Steelhouse Lane in Monmore Green then brownfield scheme will provide a mix of 2, 3 and 4 bedroom open market, shared ownership and affordable homes for Walsall based Registered Provider, whg Housing Association.
76 of the homes will be sold by Lovell, whilst a further 16 will be available on a part-buy, part-rent scheme, adopting one of the largest home ownership programmes in the UK partnering with Home Reach. 62 homes will be managed by whg on an affordable rental basis, with 89 homes available for open market sale.
Construction work on the 8.5 acre site, to be named Saints Quarter, is due to commence this summer with an anticipated launch in 2020. It has had a number of former uses most notably as a brickworks and latterly as a metals factory, which closed in 1997. The site was subsequently cleared and has sat empty since 2006.
The scheme has been supported with investment from the WMCA and is a key part of the WMCA’s wider programme to advance the delivery of homes required within the Black Country Corridor. It forms part of the City of Wolverhampton Council’s Bilston Area Action Plan.
Stuart Penn, Lovell’s regional managing director said, “This important development will transform this former industrial site as well as help tackle the pressing demand for new homes in the area, and this has been made possible by working in partnership with WMCA, Wolverhampton City Council and our RP partner, whg.
“We are proud to be able to deliver a scheme with such a variety of tenure which will really help local people get onto the property ladder and/or into a high-quality new home from open market sale with the Government backed Help to Buy: Equity Loan scheme.
Mayor of the West Midlands Andy Street added: “This is another great example of how the WMCA is breathing new life into derelict, former industrial land by clearing the way for badly needed new homes and commercial premises.
“Our overarching goal is to use our money and powers to build a prosperous future, growing our economy in a way that benefits all our communities and gives everyone the opportunity for a decent job and affordable home.”
City of Wolverhampton Council Director of Housing, Kate Martin, said: “This is another major development site to support the regeneration of Bilston.
“We can now look forward to seeing more new homes being built this summer, in addition to over 400 homes already being developed at Bilston Urban Village.
“Saints Quarter will make a significant impact in providing greater home choice for the area, as well as continuing to support our housing growth plans for the City of Wolverhampton.
“This development means more and better homes being delivered and adds to the extensive investment by City of Wolverhampton Council and other private investors in new housing, leisure, commercial and transport developments in and around Bilston.
Bordered by Steelhouse Lane to the west, Cable Street to the south and the Birmingham Canal to the east, it will provide a flourishing new community with excellent road links to Wolverhampton itself and to Birmingham.
Nick Oakley, Head of Property Investments at Frontier Development Capital, said: “The Steelhouse Lane site has been economically void for over 10 years and this scheme will bring forward much needed quality affordable family housing close to Wolverhampton city centre and on a key West Midlands transport corridor”.
For more information about property development funding take a look at our Property page.