I was once told that the wall with the brick carving & plaque outside the Hob was part of the original canal and the ramp down (also original) was access to the water.
Both look the part but they are just themed street architecture, IMO.
Presumably built to match the thin strip of water the designers of FH retained along the west side of davids rd a little further up.
I'm sure I've read the swing bridge outside (now) WHSmiths was also retained long after the canal closed
Maybe retaining a 'canal theme' increased property prices.
The actual working canal was much wider: ~30', and by my calculations this 'canal wall'/ramp/plaque is located right in the middle of it!
In any case, the canal company did not have the money to build fancy redbrick walls and ramps in the middle of fields - that sort of spending money came with the railway and subsequent development.