Royal London Asset Management has completed the forward-funding of the 331-unit Bicycle Works build-to-rent (BTR) scheme at Smithgate in Wolverhampton.
Delivered by ECF, a partnership between Homes England’s National Housing Bank, L&G and Muse, and working with the City of Wolverhampton Council, the wider Smithgate masterplan will transform a 12-acre brownfield site into a vibrant, mixed-use neighbourhood providing more than 1,000 homes, public spaces and 20,000 sq ft of retail and commercial use.
The two-acre Bicycle Works scheme will feature a mix of one- to two-bedroom apartments across three buildings as part of the first phase of the project. The homes will be operated by ProperTies Living, Royal London Asset Management’s vertically integrated residential management firm.
Paul Ruston, living fund manager at Royal London Asset Management, said: “The latest in a string of recent acquisitions, we have strengthened our presence in the living sector further with the first phase of the landmark Smithgate regeneration, set to deliver a transformative development in Wolverhampton. This milestone demonstrates our ongoing commitment to the provision of quality, affordable and professionally managed private rented homes in suburban and commuter markets where there is an identified need.”
Charlie Miller, director of transactions at ProperTies Living, added: “Hot off the heels of our single-family debut in Manchester, we have continued to build out our regional hub model with our expansion into the West Midlands via Bicycle Works, the first step in delivering a vibrant new community in Wolverhampton. This acquisition brings our customer-first approach to a wider target market and underscores the pace and scale of our growth strategy.”
Stephen Simkins, leader of the City of Wolverhampton Council, said: “Wolverhampton is seeing a huge amount of investment driven by the council’s compelling vision for the city centre based on better connectivity, more homes, jobs, skills and learning opportunities, and a resurgent visitor economy. The investment by Royal London Asset Management and ProperTies as a key partner in Bicycle Works at Smithgate is another example of this and, through strong collaboration with private and public sector partners, there is more to come – helping transform our city and enable new and existing communities to thrive.”
Basit Ali, development director at ECF, added: “Royal London Asset Management and ProperTies Living is an outstanding partner for ECF and City of Wolverhampton Council as we progress the delivery of Bicycle Works. This investment recognises the long-term opportunity at Smithgate and its regeneration potential. Bicycle Works is now progressing at real pace. It is already changing Wolverhampton’s skyline and is playing a key role in supporting the city’s wider economic and regeneration ambitions.”
