Why Invest in Wolverhampton?
Wolverhampton has a population of around 256,000, which is expected to grow to 288,000 over the next few years. This makes Wolverhampton the 10th biggest city in the UK and with a wider area with a population of 1.2 million, one of the largest urban areas in the country.
Wolverhampton became a city in 2001. Since then, its profile has been raised, attracting more investment and development. The city is historically part of Staffordshire, but local services are now provided by the City of Wolverhampton Council.
The city is a historic place. The original town was named after Wulfruna, an Anglo-Saxon noblewoman, and dates back to 985 AD.
Wolverhampton grew rapidly during the Industrial Revolution, becoming a centre for heavy industries such as foundries and metalworking. The area around the city is known as the Black Country due to its smoky, industrial past.
Today, Wolverhampton is still an industrial centre but with more modern industries such as manufacturing, technology, and engineering. It is considered the centre of the UK aerospace industry, with around 20% of the country’s aerospace manufacturers located in the area.
Wolverhampton has excellent transport links, making it attractive to businesses. It is also a popular commuter location for those working in the West Midlands region. The city is close to the M5, M6, M6 Toll, and M42 motorways. There are direct rail services to Birmingham in just 17 minutes, as well as London, Manchester, and further afield. The city also benefits from a direct tram link to Birmingham city centre.
While Wolverhampton may not be known as one of the UK’s major tourist destinations, it has all the amenities residents could need. The Mander Centre and the Wulfrun Shopping Centre are located in the city centre, with retail parks in the suburbs. Wolverhampton is also known for its Premier League football club, Wolverhampton Wanderers FC, and Wolverhampton Racecourse.
Wolverhampton has seen a decline in the later part of the 20th Century, due to the fall of traditional industries. However, there has been significant regeneration in the city, with more planned. The City of Wolverhampton Council has outlined ambitious growth plans, with around £4.4 billion expected to be invested in the city over the next few years.
Recent and upcoming projects include the £175 million Wolverhampton Interchange, providing seamless transfers between rail, bus, and metro, and the i9 and i10 grade A office developments. A £55 million regeneration project for the city centre, known as Westside, will bring a multi-screen cinema, family leisure attractions, and restaurants. Other projects include Brewers Yard, Canalside, Molineux Quarter, and the Commercial District, further supporting Wolverhampton’s prospects for capital growth and increasing rental yields.
Wolverhampton has seen a lot of industrial regeneration, attracting new businesses and jobs. The i54 business park, home to Jaguar Land Rover’s advanced engine manufacturing plant, has sustained nearly 3,000 jobs and is expanding with a western extension expected to generate 1,700 new jobs.
The University of Wolverhampton is also driving economic growth in the area, with a vision to generate £250 million in investment by 2020. The university has invested in new buildings and courses, attracting a significant number of new students.
Wolverhampton has a fast-growing economy, a growing population, and strong rental demand. It offers lower investment costs, excellent potential for capital growth, and high rental yields. With its ambitious plans for the future, Wolverhampton presents a great opportunity for savvy investors.