The modular homes arm of L&G will act as developer and supplier for the regeneration of the former canal-side industrial site.

Precision-engineered in L&G’s modular factory in Leeds, every modular home will include an air source heat pump, PV panels and Electric Vehicle charging point as standard.

The firm won the tender race for Wolverhampton’s 17-acre Canalside South on the strength of its pledge to deliver homes that are 60% more efficient to run for the homeowner than a Building Regulation compliant new build home and the apartments are up to 30% cheaper to heat and run than the average apartment.

The 17-acre waterfront development opportunity sits on the eastern edge of the city centre and is made up of the Canal & River Trust-owned former Crane Foundry site, and the Council’s former British Steel site.

L&G will also seek to deliver commercial uses alongside the new homes, such as a coffee shop, co-working space, bike hire and water activities, while landscaping will create a green corridor and promote biodiversity.

City of Wolverhampton Council Deputy Leader and Cabinet Member for City Economy, Councillor Stephen Simkins, said: “Legal & General has a strong background in the property sector, investing in urban regeneration, financing affordable housing and building modular homes.

“The tendering process demonstrated there is a strong developer appetite to deliver a transformational project in this part of Wolverhampton.”

The overall vision for the Canalside masterplan is the delivery of around 1,000 homes to meet both the city and wider region’s housing needs, with sustainability and place-making at its heart.

There is also the potential to include the provision of a mix of complementary retail, leisure and commercial uses as part of the comprehensive development of the site.