Projects: Fountain Lane Housing Development
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Investment£47,000,000 funding from WMCA and private sector
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Timeline
Start: October 2021
Delivery: March 2025
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LocationFountain Lane, Oldbury
Delivery of 246 new homes including afforable and first homes. The former foundry was demolished in 2003 and has since stood derelict for almost 20 years. The clean-up paved the way for leading housing developer Lovell Partnerships to build 246 new homes on the site. The multi-million pound fund, first secured by the WMCA in 2018 from the central government as part of its Housing Deal, unlocks derelict sites for new development, helps to protect green belt land in the region and creates new jobs and homes.
This project will deliver 246 new homes across a six hectare site. The site on the corner of Fountain Lane and Bromford Lane has been derelict for a number of years, but will now deliver new homes including 114 affordable homes and Sandwells First Home pilot delivering a further five First Homes enabling discounted home purchases.
The WMCA investment requires at least 20% of the new homes to be classed as affordable under the combined authority’s own definition of affordability which is linked to real-world local wages rather than property prices. The Fountain Lane scheme will exceed that with 49% of the new homes being offered through affordable rent and shared ownership tenures. The development will also provide opportunities for training and apprenticeships.
Remediation is now complete and houses have started to be released to the market. Completion is expected in Spring 2025.
Visit New Build Homes in Oldbury | The Junction| Lovell Homes for more information.