The 15-acre site off Brook Street, will feature 15 industrial and distribution units offering 166,500 square feet of accommodation to suit a variety of uses.
The WMCA Board has now agreed, in principle, to make a multi-million-pound investment to help kick-start the project which is being built by Oldbury-based Goold Estates and is part of the wider Bilston Urban Village redevelopment scheme.
It will be the latest in a series of WMCA investments using money it has secured from the government to provide new homes, jobs and commercial spaces on urban, brownfield sites, helping to drive economic growth while reducing pressure to build in the green belt.
The Board's decision will now trigger detailed negotiations between the WMCA and the developer to finalise an investment deal.
The investment will be used in part to help cover the cost of cleaning up the site and making it fit for redevelopment.
Works could commence on site as early as this spring, subject to planning approval.
Andy Street, Mayor for the West Midlands, and Chair of the WMCA, said: “This multi-million pound WMCA investment is great news for local people in Wolverhampton.
“Bilston Urban Village is a key part of the wider regeneration of Wolverhampton as we continue to bring in new funding, new homes, and new jobs.
“Working together with Wolverhampton Council, we’re improving quality of life for residents – at the same time as ensuring good road access, prioritising cycle ways and pedestrian routes and providing excellent connectivity into the town centre.
“I look forward to seeing this scheme come to life – changing lives for the better in the months and years ahead.”
Cllr Ian Courts, leader of Solihull council, and portfolio holder for housing and land for the WMCA, said: “It’s great to see another brownfield regeneration project ready to go in Bilston.
“It will create jobs for many local people and will see a huge amount of investment in the area. I’m pleased that the WMCA is using its new deeper devolution powers from the government to provide new homes, jobs and commercial spaces on urban, brownfield sites.”
Cllr Stephen Simkins, City of Wolverhampton Council Leader, said: “We welcome this funding to support the council’s chosen developer with their plans for this strategically important site that will generate hundreds of jobs for our residents. It is another milestone for Bilston Urban Village, where we have also realised our vision of creating hundreds of new affordable homes for families.
“The urban village offers extensive areas of open space to enjoy on the doorstep, new schools for kids to learn in, a top-class leisure centre nearby, a family pub/restaurant on tap - and further investment planned for the town centre.
“It is also a great location with purpose-built transport connectivity to this strong employment, housing and leisure offer.”
Goold Estates has already invested in the Wolverhampton region after constructing six industrial and warehouse units at Steelpark Trading Estate, in Wednesfield, which generated more than 150 jobs.
Dominic Goold, managing director of Goold Estates, said: “We are very grateful to the WMCA for its support for a new industrial/urban logistics scheme in Bilston. This is a complex site which requires significant investment and we would simply not be able to proceed without this funding. We look forward to making a start on site as soon as we’re able to.”
Bilston Urban Village is part of Wolverhampton's wider regeneration plans, which will create new business opportunities in the city, as well as improve its public transport.
Developers Kier completed the first residential phase of 78 homes off Dudley Street, with Countryside building 420 homes off Coseley Road, all occupied by families living right on the doorstep of the town centre.
Access to the WMCA funding was provided by the Property Team at Frontier Development Capital Ltd (FDC). FDC continues to work closely with property developers to arrange investments from the WMCA's Commercial Investment Fund (CIF) and Residential Investment Fund (RIF).
