City of Wolverhampton Council’s cabinet will decide on Wednesday whether to sell land below market value to enable the first 331-home phase of the Smithgate development to proceed.
Wolverhampton councillors are expected to approve a land deal next week that will pave the way for the first phase of a 1,000-home regeneration scheme.
City of Wolverhampton Council’s cabinet will next Wednesday make a decision on the sale of land below market value to the English Cities Fund, a partnership between L&G, Homes England, and Muse. This will enable ECF to begin work on the first 331-home phase of the Smithgate project.
The first phase, known as Bicycle Works, will see new homes and shops built on land off Peel Street, overlooking Market Square in the centre of the West Midlands city.
Once all phases of Smithgate are completed the project will include up to 1,000 new homes on 12 acres of land, creating 20,000 square feet of retail, leisure and commercial space.
Officers are recommending the sale for approval.
The report to cabinet said: “While the receipt is below market value, the disposal will unlock significant economic benefits, including job additions, skills opportunities and increased footfall in the city, in addition to addressing housing needs.
“In the longer term, it is anticipated this could help stimulate the local economy, protecting businesses in the City Centre and attracting new businesses, thereby safeguarding / generating additional business rates.”
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