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

Construction will create over 530 homes, seven acres of green space and a range of commercial amenities to transform the site which has lain derelict for 15 years.

Designed by Glancy Nicholls Architects, the low-rise development plans emulate the surrounding conservation area and maximise the canalside setting.

Councillor Stephen Simkins, Leader of City of Wolverhampton Council, said: “Wavensmere Homes submitted a quality and comprehensive planning application that will deliver for Wolverhampton.

“This project is fundamental to our brownfield first strategy, driving investment into the Green Innovation Corridor, and it will also fulfil a key objective of our Canalside Delivery Partnership with the Canal & River Trust.

“We can now look forward to work starting on site. Bringing life back to the redundant sites along our canal network is critical to boosting footfall into our city centre.”

James Dickens, Managing Director of Wavensmere Homes, said: “The experience of working with this City Council – and in particular the planning department – has been unprecedented. Wolverhampton is a city that is open for business.

“As a timeline, Wavensmere was announced as the new developer for this nationally significant project last December, and we are now in a position to confirm that we will be starting work at Canalside South before the year is out.

“It’s the level of proactivity and can-do approach that made this happen, which has been brought about through a shared vision, great people, and the Council’s strong leadership team at the helm.

“As a result of this positive and efficient experience, we are committed to invest a lot more in the City of Wolverhampton.”