Royal London Asset Management has completed the forward-funding of Bicycle Works, a 331-unit build-to-rent scheme that marks the first phase of Smithgate, Wolverhampton’s largest regeneration project. This is the seventh BTR investment in the RLAM Living Fund, taking the fund’s total number of units to over 1,500.
Delivered by ECF, a partnership between Homes England’s National Housing Bank, L&G and Muse, and working with City of Wolverhampton Council, the wider Smithgate masterplan will transform a 12-acre brownfield site into a vibrant, mixed-use neighbourhood that is targeting to deliver over 1,000 homes, public spaces, and 20,000 sq ft of retail and commercial use.
As the landmark project’s first phase, the 2-acre Bicycle Works scheme will deliver 331 high-quality one-to-two-bedroom apartments across three buildings. Residents will benefit from on-site amenities, landscaped communal areas, and secure cycle storage.
The site is a 10-minute walk from Wolverhampton Railway Station and connects to the local tram and bus networks.
Significantly, Bicycle Works is designed to be entirely fossil-fuel free, incorporating low carbon strategies to reduce embodied carbon throughout the scheme.
The forward-funding 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. Like all developments in the strategy, the homes will be operated by ProperTies Living, Royal London Asset Management’s vertically integrated residential management firm. This allows the firm to remain close to its residents and ensure the highest standards of service, amenity delivery, and operational performance, enhancing long-term investment returns. The forward-fund continues the build out of ProperTies’ regional hub model, marking its first scheme in the Midlands.
It follows other large-scale regeneration projects in Royal London Asset Management’s portfolio, including Waterbeach New Town East as part of the Waterbeach Development Company. The joint venture between RLAM, Aquila Investments and Turnstone Estates is set to deliver 4,500 sustainable homes on the former RAF Waterbeach base in the Fens.
Practical completion at Bicycle Works is expected in Q2 2028.
Source: press release sent 13 Aug 2026