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Lovell Midlands

Property
Investment £0.7m Location Wolverhampton Sectors Property
Investment Director Nick Oakley Turnover -

Property developer, Lovell were backed to transform a former industrial site into 151 brand new, high quality homes in Wolverhampton, partly funded by the West Midlands Combined Authority (WMCA).

Located on Steelhouse Lane in Monmore Green the £2.5 million 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 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 was supported with a £770,000 grant from the WMCA’s Brownfield Land and Property Development Fund (BLPDF) which is used to clean up derelict, former industrial sites and make them ready for new housing or commercial developments.

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. 


Investment Director


Nick Oakley

NickOakley@frontierdevelopmentcapital.com
Investment fund - WMCA BLPDF