PIC’s Miller’s Quay sustainable Build to Rent tops out

Pension Insurance Corporation (PIC) have celebrated the topping out of the Miller's Quay Build to Rent scheme at Wirral Waters in Merseyside.

Pension Insurance Corporation's (PIC) topping out ceremony at the Miller's Quay Build to Rent scheme at the Wirral Waters development, with Peel L&P, GRAHAM Construction, Homes England and students and staff from Wirral Met College | BTR News
Pension Insurance Corporation's (PIC) topping out ceremony at the Miller's Quay Build to Rent scheme at the Wirral Waters development, with Peel L&P, GRAHAM Construction, Homes England and students and staff from Wirral Met College.

Specialist insurer Pension Insurance Corporation Plc (PIC) have celebrated the topping out of Miller’s Quay, a sustainable waterfront Build to Rent development, the cornerstone scheme at Wirral Waters in Merseyside, the UK’s largest urban regeneration project.

PIC policyholders, senior representatives from PIC, Peel L&P who are developing the site, construction firm GRAHAM, Homes England, Wirral Council, and staff and students from Wirral Met College and local political leaders were in attendance at the topping out ceremony.

The £130m Miller’s Quay scheme will deliver 500 new apartments – including 100 affordable homes.

Having been funded by PIC through a long-term, regeneration lease structure which operates like a fully amortising loan, the project will transform the existing brownfield site into a sustainable location for local and international businesses, creating over 20,000 permanent jobs for the Liverpool city region.

All buildings across the Wirral Waters regeneration project, including Miller’s Quay, are targeting BREEAM Excellent, as well as making significant biodiversity improvements with the planting of over 1,600 trees so far. 

“We’re delighted to mark this significant step in the construction of the Miller’s Quay development and are extremely proud of the social value it is delivering. The development is a model for how long-term investors can play a major role in regenerating brownfield sites across the country. We believe that the regeneration lease structure used to unlock Miller’s Quay can be adapted across a range of sectors and projects across the country by local and regional authorities looking to unlock funding for regeneration schemes for their areas. Miller’s Quay has seen the creation of considerable social value through jobs and education. It is an outstanding example of what can be achieved by a group of forward thinking, innovative and committed teams working together with a shared vision. PIC has invested £1.5bn so far in built environment projects around the country, and we look forward to investing considerably more as our business continues to grow and we seek to back the pensions of our policyholders with long-term, secure cashflows.” 

James Agar, Head of Long Income, Pension Insurance Corporation (PIC)

Miller’s Quay will be surrounded by parks, green spaces, dockside walkways and cycle routes, with homes having access to cycling storage and electric vehicle charging points.

Using a range of energy efficient and low carbon technologies to reduce carbon emissions, the development will also utilise solar power systems and air source heat pumps.

Sustainable urban drainage will be incorporated into the development to manage surface water from the site into the nearby Docks through the provision of rain gardens, climate tolerant planting and tree pits designed to accommodate a one in 100-year storm.

The Miller’s Quay Build to Rent development will provide funding for Wirral Council, which would not have been available from traditional sources, supporting wider service delivery and future investment in the Borough.

Since the start of construction, 319 students from Wirral Met College have benefitted from the ‘live’ classroom on site, where students are taking part in numerous activities and learning new skills.

Upon completion of the development, Wirral Council will lease the building for 50 years, with annual rent increases linked to inflation, with cashflows from Miller’s Quay helping to pay the pensions of PIC’s policyholders over the next 50 years.

Construction began at the Miller’s Quay Build to Rent scheme last summer.