Waterfront regeneration prospect in Wolverhampton

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A chance to build up to 1000 homes on 17.5 acres of freehold land hugging Wolverhampton, Wyrley and Essington canals is up for grabs.

Canalside South is on the eastern edge of the city centre and is made up of the former Crane Foundry site and British Steel distribution centre on land off Qualcast Road.

Wolverhampton city council deputy leader Stephen Simkins said: "There is a strong developer appetite to deliver a transformational project in this part of the city. Canalside South is a large and exciting opportunity."

Canalside Delivery Partnership with the Canal and River Trust wants to see the full development of the site with complementary retail, leisure and commercial facilities. The site is five minutes' walk from Wolverhampton's £150m new station with direct access to Birmingham, London and Manchester.

Commercial property agent Avison Young is acting on behalf of Wolverhampton city council and the Canal and River Trust to find the right development partner.

Head of city development at the council Liam Davis said: "This will be a development created through a partnership where investment will benefit communities and business. An area alive with exciting opportunitiesand experiencing major transformation."

The scheme is believed to be one of the largest city-centre residential development opportunities on a site around the size of 30 football pitches.

Brokers Hank Zarihs Associates said it was just the type of project that development finance lenders would be keen to support.

Council-owned land at Horseley Fields has already been made ready for development with build-to-rent developer Placefirst starting work on the Union Mill site this year.

Historic England has produced a report identifying 237 empty mills in Yorkshire which it claims could be repurposed to offer up to 9,000 homes. The report reveals there is also space for 15,400 homes on land surrounding the sites, and enough space in existing mills for almost 30,000 jobs if transformed into workspaces.