A forward-funding agreement has been completed for 331 new build-to-rent homes in Wolverhampton, marking the first residential phase of the major Smithgate regeneration project.
Royal London Asset Management is providing the funding for Bicycle Works, a 331-apartment build-to-rent development being delivered as part of the wider city centre masterplan.
The scheme is being brought forward by ECF, the partnership between Homes England’s National Housing Bank, L&G and Muse, working alongside City of Wolverhampton Council. Smithgate will see a 12-acre brownfield site transformed into a new mixed-use neighbourhood featuring more than 1,000 homes, new public spaces and around 20,000 sq ft of retail and commercial accommodation.
Occupying approximately two acres, Bicycle Works will form the first phase of the regeneration. The development will comprise a mix of one- and two-bedroom apartments spread across three buildings. Residents will also have access to a range of on-site amenities, landscaped communal spaces and secure cycle storage.
The Wolverhampton deal represents the latest expansion of Royal London Asset Management’s Living Fund, following acquisitions in Slough, Bracknell, Barking and Watford.
The fund also entered the single-family housing market in Manchester in July 2026. Once its current pipeline is completed, Royal London Asset Management’s build-to-rent portfolio will total 1,577 homes. Bicycle Works will be managed by ProperTies Living, Royal London Asset Management’s integrated residential management business, which operates homes across the Living Fund portfolio.
Charlie Miller, director of transactions at ProperTies Living, said: "Hot off the heels of our single-family debut in Manchester, we have continued to build out our regional hub model with our expansion into the West Midlands via Bicycle Works, the first step in delivering a vibrant new community in Wolverhampton.
"This acquisition brings our customer-first approach to a wider target market and underscores the pace and scale of our growth strategy."
Practical completion of Bicycle Works is currently targeted for the second quarter of 2028.
Councillor Stephen Simkins, City of Wolverhampton Council leader, said: "Wolverhampton is seeing a huge amount of investment driven by the council's compelling vision for the city centre based on better connectivity, more homes, jobs, skills and learning opportunities, and a resurgent visitor economy.
"The investment by Royal London Asset Management and ProperTies as a key partner in Bicycle Works at Smithgate is another example of this and, through strong collaboration with private and public sector partners, there is more to come – helping transform our city and enable new and existing communities to thrive."
Basit Ali, development director at ECF, added: "Royal London Asset Management and ProperTies Living is an outstanding partner for ECF and City of Wolverhampton Council as we progress the delivery of Bicycle Works. This investment recognises the long-term opportunity at Smithgate and its regeneration potential.
"Bicycle Works is now progressing at real pace. It is already changing Wolverhampton's skyline and is playing a key role in supporting the city's wider economic and regeneration ambitions."
