ECF – a joint venture between Homes England, Legal & General, and Muse – working in partnership with City of Wolverhampton Council have secured detailed planning for the first phase, as well as on outline consent for the wider masterplan.

Following the decision, the new neighbourhood will be re-named Smithgate in a nod to the city’s historic metalworks.

First phase works include more than 300 build to rent flats on the site of the city’s former indoor market in Peel Street as well as the area around the city centre’s Market Square.

Subject to funding agreements being in place, work on these could commence later this year.

Smithgate masterplan to revitalise Wolverhampton town centre

Basit Ali, Development Director at ECF, said: “With planning consent secured we will be able to work quickly to start delivery of the first phase at Smithgate.”

Councillor Chris Burden, cabinet member for City Development, said: “Smithgate will put people at the heart of the city centre with new homes, shops, cafes, and restaurants.

“Now planning approval is in place we will continue to support ECF in securing the external funding needed to enable delivery of this transformational scheme.”