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The 12.5 acres of land, which also comprises the former bus depot and further development land, has been sold by Tesco to the HCA for an undisclosed sum and will be predominately used for residential development - including starter homes - alongside a potential new campus for Wolverhampton College, utilising the listed former hospital buildings.
The City of Wolverhampton Council believes the disposal to the HCA marks a major step forward for the city and will allow a comprehensive regeneration of the site, which has lay dormant following the decision by Tesco not to proceed with a new retail development.
City of Wolverhampton Council Deputy Leader and Cabinet Member for City Assets, Councillor Peter Bilson, said: "This is great news for the city.
"Over £868 million of investment in city centre projects is either on site or in the pipeline as the regeneration of Wolverhampton continues.
"We are delighted the HCA has taken on board the opportunity to transform this site.
"It will not only bring new jobs, business and housing but will make it a key gateway to the city centre."
The HCA worked with the Birmingham office of property agents, JLL, on the acquisition of the site. Karl Tupling, the HCA's Executive Director for the Midlands, said:
"We look forward to working in partnership with the City of Wolverhampton Council to secure a planning consent on the site which will deliver much needed housing, including starter homes, and potentially a new campus for the college. We believe the Royal Hospital site will transform this gateway into an inviting new approach into the city centre."
Philip Farrell director of Development at JLL added: "The HCA have been very forward thinking in acquiring the former Royal Hospital. It is an excellent site in an important location for the City. We firmly believe that this is a wise use of public money to stimulate the development of this significant scheme."
A Tesco spokesperson said: "We're pleased to announce the sale of the former Royal Hospital site to the HCA, which will bring forward investment for both the local community and the City of Wolverhampton."
- released: Monday 7 March, 2016