Royal London backs ECF’s Smithgate phase one
Forward funding for the flagship Bicycle Works build-to-rent development, currently under construction in the centre of Wolverhampton, has been completed.
The 331-unit development is emerging from the ground opposite the city’s market hall, with Caddick Construction building out the scheme on behalf of ECF – a partnership between Homes England’s National Housing Bank, L&G and Muse.
The forward-funding from Royal London follows previous acquisitions by the RLAM Living Fund in Slough, Bracknell, Barking and Watford, as well as in Manchester, where the firm made its single-family housing debut in July 2026, bringing its total number of BTR units to 1,577 once completed.
The homes will be operated by ProperTies Living, Royal London Asset Management’s residential management arm, the first scheme in the Midlands for the firm.
“The latest in a string of recent acquisitions, we have strengthened our presence in the living sector further with the first phase of the landmark Smithgate regeneration, set to deliver a transformative development in Wolverhampton,” said Paul Ruston, Living Fund Manager at Royal London Asset Management.
The first phase of ECF’s Smithgate development is under way in Wolverhampton. Credit: Place Midlands
“This milestone demonstrates our ongoing commitment to the provision of quality, affordable and professionally managed private rented homes in suburban and commuter markets where there is an identified need.”
The development is the first phase of the 1,000-home Smithgate scheme, which is the city centre’s largest regeneration project.
The regeneration has attracted significant investment for its first phase of delivery, with ECF securing £18m from the West Midlands Combined Authority and £65m in private funding.
Practical completion at Bicycle Works is expected in 2028.
“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,” said Charlie Miller, Director of Transactions at ProperTies Living.
“This acquisition brings our customer-first approach to a wider target market and underscores the pace and scale of our growth strategy.”
Councillor Stephen Simkins, City of Wolverhampton Council Leader, added:
“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.”
