The City of Wolverhampton Council has chosen Legal & General Modular Homes as preferred developer for one of the largest city centre residential development opportunities in the Midlands.
The council has now entered into an exclusivity agreement with the subsidiary of Legal & General Capital (Legal & General), to build around 400 new homes, subject to planning approval, at Wolverhampton’s Canalside South.
The 17-acre waterfront development opportunity sits on the eastern edge of the city centre and is made up of the Canal & River Trust-owned former Crane Foundry site, and the council’s former British Steel site plus land off Qualcast Road, which have been brought together under a collaboration agreement to ensure a comprehensive development takes place.
Rosie Toogood, CEO of Legal & General Modular Homes said: “I am delighted that Legal & General Modular Homes has been selected as preferred developer by the City of Wolverhampton Council to deliver this major residential development. In the face of a chronic housing shortage, steep energy bill increases, and a looming climate crisis deadline our mission is to reduce costs to consumers and the environment by producing the best quality homes in the most efficient way possible.”
City of Wolverhampton Council deputy leader and cabinet member for city economy, Councillor Stephen Simkins, said: “Legal & General has a strong background in the property sector, investing in urban regeneration, financing affordable housing and building modular homes. The tendering process demonstrated there is a strong developer appetite to deliver a transformational project in this part of Wolverhampton.”
Cheryl Blount-Powell, national property development manager at the Canal & River Trust, added: “We are delighted to have Legal & General Modular Homes onboard to deliver a high quality, sustainable development that will breathe new life into a previously forgotten part of Wolverhampton.
“As the charity responsible for protecting and preserving the nation’s waterways we are working collaboratively with our partners to ensure the character of the canal is maintained, the industrial heritage is embraced, and animation on and off the water is enhanced resulting in widespread social and economic benefits.”
Mark Birks, principal and head of the regional land and development team at Avison Young, which advised on the development’s open market tendering process, said: “The strong level of interest in this opportunity is testament to the exciting trajectory of growth that Wolverhampton is currently on. The highly competitive tender process generated exciting and innovative bids from a broad range of different parties, many of whom have not developed residential schemes within the city before.”
