131 homes sold at landmark Wolverhampton Canalside South development
Over on hundred homes on a major Wolverhampton housing development have been sold to a global real estate firm, before work has even been completed on the scheme.
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A total of 131 homes on the city's Canalside South development, underway on a Wolverhampton brownfield site formerly the home of British Steel, have been snapped up by Kennedy Wilson and will be made available for rental once work is completed on the development in 2026-2027.
Developer Wavensmere Homes says as part of the sale, a further 131 homes on a separate develoment in Derby city centre will also be sold to Kennedy Wilson.
"We are thrilled to announce this significant deal, bringing institutional capital from a major global investor into regeneration sites that had long been derelict in the centres of Derby and Wolverhampton," said James Dickens, Managing Director of Wavensmere Homes.
"We continue to see huge demand for eco-focused single-family housing that’s close to major centres of employment, retail and leisure, with extensive healthcare, public transport, and education provision."
“This transaction enables us to accelerate our construction programme, delivering homes for local people, whilst supporting local supply chains at Derby’s Friar Gate Goods Yard and Wolverhampton Canalside South. An additional 145 open market houses and apartments at Friar Gate, and a further 450 mixed-tenure homes at Canalside South, will become available in-line with our build programmes.”
The sale represents around 25% of the 533 homes being built on the Qualcast Road site, which are due for completion over the next two years after work got underway on site this month.
Wavensmere Homes say the portfolio is being delivered as a "fully-fitted turnkey package" and is expected to become available for occupation between 2026-7.
City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, Councillor Chris Burden, 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.
"Our work with Wavensmere to bring Canalside South forward is part of our brownfield first strategy to bring life back to redundant sites along our canal network, and through strong collaboration with private and public sector partners, there is more to come."
West-Midlands based Wavensere currently has 3,500 homes on site, in pre-construction, or planning, with the company in the final phase of its £106m Belgrave Village development in central Birmingham, and the £175m Nightingale Quarter, which is the redevelopment of the former Derbyshire Royal Infirmary into 925 energy-efficient houses, apartments, and community amenities.
Planning permission for the 17 acre Canalside South site near the Wyrley & Essington Canal was granted in 2024, with over 100 homes designated for affordable housing as part of the plans. A range of commercial space will also be included in the transformation of the site, which has lain derelict for 15 years.
