Royal London Asset Management forward‑funds Bicycle Works scheme.

Royal London Asset Management has completed the forward‑funding of Bicycle Works, a 331‑unit build‑to‑rent scheme forming the first phase of Smithgate, Wolverhampton’s largest regeneration project. 

Credit: Howells

The investment marks the seventh BTR acquisition for the RLAM Living Fund, taking its total pipeline to more than 1,500 homes.

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 mixed‑use neighbourhood targeting over 1,000 homes, new public spaces and 20,000 sq ft of retail and commercial uses.

Bicycle Works occupies a 2‑acre site and will deliver 331 one‑ and two‑bedroom apartments across three buildings, supported by landscaped communal areas, on‑site amenities and secure cycle storage. The location is a 10‑minute walk from Wolverhampton Railway Station and well connected to tram and bus networks. The scheme is designed to be entirely fossil‑fuel free, incorporating low‑carbon strategies to reduce embodied carbon.

The forward‑funding follows recent acquisitions by the RLAM Living Fund in Slough, Bracknell, Barking, Watford and Manchester, where the firm made its single‑family housing debut in July 2026. Once completed, the Living Fund’s portfolio will comprise 1,577 homes. All developments are operated by ProperTies Living, RLAM’s vertically integrated residential management platform, enabling close operational oversight and consistent service delivery. Bicycle Works marks the first scheme in the Midlands under ProperTies’ regional hub model.

The investment aligns with RLAM’s broader regeneration strategy, which includes Waterbeach New Town East, a joint venture with Aquila Investments and Turnstone Estates set to deliver 4,500 sustainable homes on the former RAF Waterbeach base.

Practical completion at Bicycle Works is expected in Q2 2028.

Paul Ruston, Living Fund Manager at Royal London Asset Management, said the acquisition strengthens RLAM’s presence in the living sector and represents a transformative first phase for Smithgate. He highlighted the firm’s commitment to delivering high‑quality, professionally managed rental homes in suburban and commuter markets with clear demand.
Charlie Miller, Director of Transactions at ProperTies Living, said the scheme expands the regional hub model into the West Midlands and underscores the pace of the platform’s growth strategy, following its single‑family debut in Manchester.

Councillor Stephen Simkins, Leader of City of Wolverhampton Council, said the investment reflects the city’s strong regeneration momentum and the council’s vision for a more connected, vibrant and economically resilient centre.

Basit Ali, Development Director at ECF, said RLAM and ProperTies Living are outstanding partners for the delivery of Bicycle Works, noting the scheme’s rapid progress and its role in supporting Wolverhampton’s wider economic ambitions.