ECF and City of Wolverhampton Council have launched a search for residential development partners to kick-start the delivery of a major new regeneration scheme in Wolverhampton.
CBRE has been appointed to identify residential partners to help deliver 241 build-to-rent (BTR) apartments and 90 affordable homes at the City Centre West neighbourhood, which will also provide new shops, cafés, restaurants and public spaces.
The masterplan of the 12-acre site provides for more than 1,070 new homes – including open market sale, BTR and affordable homes – delivered across four phases.
Stuart Eustace, who heads CBRE’s residential capital markets team, said: “Wolverhampton’s BTR market is in its infancy, but demand for homes to rent is on the rise, with 20% more of the city’s growing population expected to live in rental accommodation by 2026 compared to 2021. What’s more, the city’s most populous groups are aged between 25-34 and 34-44, the cohorts representing 95% of BtR tenants. It is a market crying out for new product and a great opportunity for investors to get in on the ground floor of this scheme.
“City Centre West will also help tackle Wolverhampton’s need for affordable homes. There are more than 6,000 households on the housing register in the city. We welcome interest from affordable housing operators looking to acquire high quality homes in a prime location.”
Basit Ali, development director at ECF, a public-private partnership between Homes England, Legal & General and Muse, added: “Wolverhampton is enjoying an investment boom, with the £152m Interchange project delivering a new railway station and tram link, the Mander Shopping Centre getting a new look, along with the £48m renovation of iconic entertainment venue, The Halls, and a £19m investment in the final phase of city centre public realm improvements.
“City Centre West is an opportunity to elevate Wolverhampton’s city centre offer, curating a dynamic new neighbourhood and driving footfall to support established businesses. It’s an exciting time to invest in Wolverhampton’s residential market and deliver new homes for the city’s growing population.”
Chris Burden, cabinet member for city development, jobs, and skills at 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. City Centre West will be truly transformational for Wolverhampton. It is an opportunity to put people at the heart of the city with new homes, shops, cafes, or restaurants – boosting the local economy and driving further investment.”
