City of Wolverhampton Council's Canalside Quarter plans have today been given a major boost.

Type=image;ImageID=8865;ImageClass=left;ImageTitle=Canalside former Crane Foundry land;TitleClass=strong;

The Canal & River Trust has acquired the former Crane Foundry on Bailey Street for regeneration purposes.

This prominent 3.7 acre site sits adjacent to the Birmingham canal and close to Wolverhampton train station, which is soon to be redeveloped as part of £120 million Interchange plans.

The Midlands office of property adviser Bilfinger GVA assisted the Type=links;Linkid=6952;Title=Canal & River Trust;Target=_blank; in acquiring the site.

Mark Birks, Director in the Land and Development team at Bilfinger GVA, said: "This former industrial site represents an important regeneration opportunity for Wolverhampton and with 250 metres open to the canal, perfectly dovetails with the Canal & River Trust's objectives for the regeneration of waterside locations.

"There is an ongoing desire from the Trust to acquire other strategically important regeneration sites that have perhaps been overlooked by larger developers. This approach will be vital in maximising a location's regeneration potential and we look forward to working with the Trust again in the future."

This is the first significant site to be acquired by the Trust in the last few years from a dedicated fund committed to the acquisition of development and regeneration sites within close proximity to the canal network.

Cheryl Blount-Powell, Development Manager, Canal & River Trust, said: "Through the application of our regeneration and development fund and using the skills we have in house together with our consultants we are able to fulfil a key role in ensuring the ongoing enhancement and improvement of areas in the vicinity of the UK's canal and river networks. Our vision is that living waterways transform places and enrich lives.

"The Crane Foundry site is a prime example of the kind of underutilised canal side site, the regeneration of which will help to enrich both the surrounding location and the UK's waterway network."

The Trust are now working closely with City of Wolverhampton Council to ensure that  plans for the regeneration of Canalside; which will include this and other land, come forward over the next few years. Proposals will be in keeping with the council's own strategy for regeneration and the Trust's aspiration for waterside development.

Councillor John Reynolds, Cabinet Member for City Economy, said: "We welcome this investment and potential regeneration of what we anticipate will be a key growth area.

"The delivery of a mixed use development will be invaluable in contributing to our masterplan for the redevelopment of the city.

"We fully support the Canal & River Trust in its ambition to drive the regeneration of canalside locations such as this and look forward to working with the Trust on the plans for the new site."

The initial master planning stage for the site is due to start imminently.

  • released: Wednesday 27 January, 2016