Plans for the mixed-use development could include residential accommodation, retail and leisure space, including a revamped outdoor market, car parking and enhanced public realm.
The Council has already committed to carrying out the demolition of the existing indoor market and Heantun House, with the outdoor markets to be re-invigorated and modernised. It is expected the market will provide an asset to any new development by providing footfall and vitality.
Councillor John Reynolds, cabinet member for city economy, said: “This is an exciting project for Wolverhampton and another significant step towards the transformation of our city centre.
“We look forward to seeing what proposals are put forward by developers in the future.”
It is also a chance to showcase Wolverhampton’s regeneration plans, with £868 million investment in the city centre either currently on site or in the pipeline.
New artist’s impressions of Westside have been created as the site, which comprises three adjacent parcels of land in the freehold ownership of the council, officially goes to market.
It represents one of the most significant regeneration opportunities at the heart of the city centre and will deliver major mixed-use development.
The Council has instructed joint agents Bruton Knowles and JLL to market Westside to potential development partners.
Ian Mercer, partner and head of development at Bruton Knowles, said: “Following a successful market testing exercise last year, in which we received a considerable amount of feedback and interest in the scheme, we are now seeking a development partner to work alongside the council to deliver this exciting opportunity and to play a part in the ongoing regeneration of Wolverhampton.
“Westside is a key regeneration site that will not only transform this area of the city into a vibrant quarter but could also potentially unlock further investment and development in surrounding areas.”