The 17.5-acre former industrial site is located within the city centre and benefits from frontage onto the Wyrley & Essington Canal and the Wolverhampton Branch of the Birmingham Main Line Canal.

Plans for the derelict site include 530 homes and a range of commercial amenities designed by Glancy Nicholls Architects.

James Dickens, Managing Director of Wavensmere Homes, said: “Following extensive consultation with local people, City of Wolverhampton Council, additional partners and stakeholders, we are thrilled to lodge our refined plans for Canalside South, which fully reflect the national significance of this special development opportunity.

“Situated along one of the most historic stretches of canal in the country, these £150m plans introduce new green space, amenities, and a range of different housing typologies to the city. 54 houses and 80 apartment and co-living bedrooms will benefit from waterside views.

“This scheme is set to be the catalyst for a new wave of ambitious city living, which is vital to see the Wolverhampton pound spent locally.

“Our team has a strong history of regenerating vacant land in the Black Country and can confidently transform this site into a landmark development the whole region can be immensely proud of. 70% of our existing supply chain is local to the site, and the construction programme will create more than 100 jobs. We will continue to work alongside the Council and all stakeholders as these plans are considered.”