Site preparation work is now expected to start next summer on the £65m scheme.

The development will provide a mix of townhouses, new build apartments and commercial space across five acres of brownfield land.

Sensitive restoration of heritage canalside properties including several listed buildings, and major environmental improvements will be implemented in the scheme which is designed by architecture practice jmarchitects, with WSP as planning and heritage consultants.

Darran Lawless, development director for Placefirst said: “We are proud of all the hard work undertaken by the whole team and our partners, that will enable a brownfield site situated in such a historic location to reach its true potential, creating an exciting, sustainable new neighbourhood.

“The focus on placemaking and development of public realm at this ­waterside development, is another example of Placefirst’s commitment to delivering schemes that will rejuvenate communities, and adds to our track record of creating neighbourhoods with a real sense of place.”

Councillor Stephen Simkins, City of Wolverhampton Council Deputy Leader and Cabinet Member for City Economy, said: “They will deliver a nationally significant development that not only brings back into use a large parcel of brownfield land but also enables the city to take advantage of our fantastic waterways, and the heritage that comes with it, to provide a sustainable community where people want to live and work, now and in the future.

“The Placefirst scheme will also generate around 150 jobs and boost our economic recovery from Covid-19.

“Urban living forms a critical part of how we are re-imagining our city centre and will help us meet the increasing demand for housing.”