Specialist insurer of defined benefit pension funds – Pension Insurance Corporation (PIC) – and a Birmingham-based specialist residential property developer – Court Collaboration – welcomed the Mayor of the West Midlands Andy Street to the One Eastside Build to Rent development.
PIC forward funded the £200m One Eastside development and will own it long term with Court Collaboration delivering the development. Once complete, PIC will use the rental income generated from the development to help pay the pensions of its policyholders.
“It’s good to witness first-hand the progress at One Eastside. Local developers Court Collaboration are helping to spearhead a major generation of this district – including new housing provision. This is all happening on the doorstep of the HS2 Curzon Street Station terminus where we were just a few days ago to mark the start of construction on that site. So, I look forward to seeing One Eastside in all its glory once complete. We’re also extremely proud to see the educational benefits our developments can provide, and we’re excited by the innovations in technology presented to us by BCU who joined us here today.”Andy Street, Mayor of the West Midlands
Almost 15,000 of the policyholders currently live in the West Midlands. Since 2012, PIC has paid over £1bn in pensions in the region – and has also invested over £900m in the region to date, including in social housing, electrified rail and the University of Birmingham.
After breaking ground in March last year, One Eastside is now well underway and progressing towards its 2026 completion date. The scheme will deliver 667 new Build to Rent, alongside amenities including co-working spaces, a cinema room, sky lounge and a gym. The One Eastside development will reach 51 storeys when complete, making it the tallest building in Birmingham.
“It’s been an absolute pleasure to welcome the Mayor and our other guests to One Eastside today, and to show them our fantastic progress. There’s lots of hard work ahead but with our funders behind us and Midgard leading the way, we know One Eastside is going to be a world-class addition to the city skyline.”Alex Neale, Managing Director, Court Collaboration
Joining the mayor and members of the project team, including lead contractor Midgard, were representatives from Birmingham City University, including Head of Engineering, Professor Nasser Sherkat, Built Environment Academic Lead Dr Saeed Talebi, and PhD student, Negin Amadi.
“PIC is a significant and purposeful investor in the UK’s infrastructure and housing, with more than £900m invested in the West Midlands alone. We are delighted that Mr Street has taken such a keen interest in One Eastside, a project that will deliver much needed jobs during construction, and beyond, while supporting the training of students from Birmingham City University. We look forward to working with the Mayor and the West Midlands Combined Authority to bring forward future investment. The investments provide the long-term, secure cashflows that will back our pension payments to our policyholders in the decades ahead.”Rob Groves, Chief Investment Officer, PIC
Negin Amadi presented her digital twin work to visitors, highlighting the innovative approaches being taken in the digital realm to advance the techniques for the safe and optimal operation of complex buildings.
“This collaborative endeavour symbolises impactful research and development, providing invaluable hands-on experience for our students, enriching their future employability prospects.”Professor Sherkat, Head of Engineering, Birmingham City University