The previous owners of the former Sunbeam site, off Penn Road, went into administration in 2018 when the restoration and new build elements of the scheme stalled.
Wolverhampton based built to rent residential developer, Paragon Living Space, has since acquired the site for £7.5 million addressing a number of administrative issues - and has secured planning approval for a revised scheme to complete and refurbish the 150,000sqft building.
Works will soon get underway to create 171 apartments for rent, comprising of 129 one bed, 33 two bed, 7 three bed and 2 four bed homes.
The approved development also includes a central courtyard, landscaped community hub, functional gym, nutrition/health bar, resident meeting rooms and break out spaces, 24 hour concierge with full managed facilities for residents, alongside 112 parking spaces including EV parking.
Councillor Stephen Simkins, City of Wolverhampton Council Deputy Leader and Cabinet Member for City Economy, said: “The Sunbeam development is one of a number of exciting new city centre living developments in Wolverhampton.
“We are working hard with developers to help bring forward schemes like this as we look to repurpose our city centre to add vibrancy and increase footfall.
“It provides much needed quality homes to help meet the increasing demand for housing and - with the recent announcement of major ‘Levelling Up’ funding for the City of Wolverhampton - we will be pushing for more schemes of this nature.
“It is also great to see that Paragon Living Space also employ a number of Wolverhampton employees - and through local supply chains support the Wolverhampton Pound.”
The factory, known as Sunbeamland, dates back to the 19th century and housed a number of manufacturers, most notably cars.
Robbie Hubball, Paragon Living Space CEO/Director, said: "We are extremely proud to bring this development forward for the city. It will be a market leading built to rent product for Wolverhampton with high quality living for the residents.
“We are a local developer who pledge to invest heavily in the Wolverhampton market.
“The efficiency of everyone at the council has really helped bring the development forward.”