PIC welcomes first residents at New Vic BTR

After reaching practical completion, Pension Insurance Corporation (PIC) has welcomed its first residents at the New Vic Build to Rent scheme in Manchester.

The first residents at PIC's New Vic scheme are moving in, after the development recently reached completion | BTR News
The first residents at PIC's New Vic scheme are moving in, after the development recently reached completion.

Specialist insurer of defined benefit pension funds PIC has welcomed its first residents at its New Vic Build to Rent development in Manchester. 

The 520-home New Vic scheme is PIC’s first Build to Rent project to complete that repurposes a key area – on a former car park – adjacent to Manchester Victoria train station into a new pet-friendly residential community.

Communal area at PIC's New Vic development | BTR News
Communal area at PIC’s New Vic development.

Featuring 20 and 25-storeys respectively, the scheme offers over 17,000 sq ft of residential amenities and over 6,000 sq ft of commercial space.

“We’re delighted that the first residents are now living in New Vic and already creating a real sense of community. Completing the development is a key milestone for us and rental properties are now available on our Homes by PIC platform. Over the coming months, we will be making more homes available around the country, helping address the societal issue of acute housing undersupply in the UK today whilst providing long-term, secure investment returns which underpin the pensions we pay to our policyholders.”

Sam Winnard, Head of Build to Rent Operations, Pension Insurance Corporation (PIC)
Cinema room at PIC's New Vic development | BTR News
Cinema room at PIC’s New Vic development.

Following practical completion of the development, homes at New Vic are now available for rent via the ‘Homes by PIC’ platform.

The nationwide placemaker Muse has been the developer for the project, with VINCI Building acting as contractor.

Gym with Technogym equipment at PIC's New Vic development | BTR News
Gym with Technogym equipment at PIC’s New Vic development.

Alongside the completion of the scheme, PIC is set to deliver a pipeline of developments including the 278-home The Wiltern in Ealing, expected in Q2 2024, the 306-home Arbour in Milton Keynes due in Q3 2024, and 667-home One Eastside in Birmingham – which broke ground in earlier this year – is due in Q4 2025.