A 15-acre site off Brook Street, will feature 15 industrial and distribution units offering 166,500 square feet of accommodation to suit a variety of use.

The WMCA Board has now agreed, in principle, to make a multi-million-pound investment to help kick-start the project which is being built by Oldbury-based Goold Estates and is part of the wider Bilston Urban Village redevelopment scheme.

It will be the latest in a series of WMCA investments using money it has secured from the government to provide new homes, jobs and commercial spaces on urban, brownfield sites, helping to drive economic growth while reducing pressure to build in the green belt.

The Board's decision will now trigger detailed negotiations between the WMCA and the developer to finalise an investment deal. The investment will be used in part to help cover the cost of cleaning up the site and making it fit for redevelopment.

Works could commence on site as early as this spring, subject to planning approval. Andy Street, Mayor for the West Midlands, and Chair of the WMCA, said:

“This multi-million pound WMCA investment is great news for local people in Wolverhampton.

“Bilston Urban Village is a key part of the wider regeneration of Wolverhampton as we continue to bring in new funding, new homes, and new jobs.

“Working together with Wolverhampton Council, we’re improving quality of life for residents – at the same time as ensuring good road access, prioritising cycle ways and pedestrian routes and providing excellent connectivity into the town centre.

“I look forward to seeing this scheme come to life – changing lives for the better in the months and years ahead.”

Bilston Urban Village is part of Wolverhampton's wider regeneration plans, which will create new business opportunities in the city, as well as improve its public transport.

Developers Kier completed the first residential phase of 78 homes off Dudley Street, with Countryside building 420 homes off Coseley Road, all occupied by families living right on the doorstep of the town centre.