Construction will start in April as part of the £150m redevelopment of the 88 acre site.

The first homes are due to be completed and occupied by the end of this year.

The joint venture was established in August 2010 with the aim of building 2,000 homes worth £300m on seven St. Modwen-owned sites across the UK during the next five years.

Other schemes include the creation of a £1 billion sustainable new community at Glan Llyn in Newport, South Wales for which a planning application for 300 homes was recently submitted.

Bill Oliver, Chief Executive for St. Modwen said: “This is a major milestone achieved under our joint venture agreement with Persimmon and underlines our ability to unlock value from the longer term residential assets within our landbank, accelerating the use of our residential land stock and improving profitability.”

Tyre giant Goodyear occupies 18 acres of the 88 acre Wolverhampton site which it has leased back from St. Modwen to accommodate its operational facilities.

Outline planning permission was granted in 2007 to redevelop the remaining 70 acres to create a mixed-use development.

Work is already underway onsite where St. Modwen is currently undertaking ground clearing works plus the delivery of a new access road and a 17,000 sq ft Aldi foodstore.