PIC, a specialist insurer of defined benefit pension schemes, recently announced the practical completion of the first two buildings planned for Miller’s Quay, the cornerstone development at Wirral Waters, the UK’s largest urban regeneration project. As a result, Miller’s Quay will soon welcome its first rental tenants. The remaining four buildings of the development are due to be completed by January 2025. In total the development will consist of 500 homes.
The £130 million development, which includes 100 affordable, local authority controlled rental properties, has been funded by PIC. The cashflows from Miller’s Quay will contribute towards paying the pensions of PIC’s policyholders over the next 50 years. The 500 one and two-bedroom residential development was made possible through a special partnership between long-term investor, PIC, highly experienced developer and regeneration business, Peel L&P, and Wirral Metropolitan Borough Council (WMBC). Construction company GRAHAM is the contractor for the scheme.
A ceremony to mark the practical completion of the first buildings in the development was attended by representatives from Peel Waters, PIC, GRAHAM, Wirral Council, and staff and students from Wirral Met College, who have all been instrumental in the delivery of Miller’s Quay.
James Agar, Head of Long Income at PIC, said: “Miller’s Quay exemplifies the ideal partnership of a long-term investor, a highly experienced developer, and a forward-thinking local authority working together to generate a development of considerable social value.
“As an example, over the course of construction the average monthly spend on local labour has exceeded £1 million per month with 41% of the costs of construction placed with businesses located within a 50-mile radius of Wirral Waters. The benefits of cutting the distance goods and contractors need to travel has helped to reducing energy consumption, particularly of fossil fuels.
“This Build-to Rent development has been funded through a long-term, regeneration lease structure, which operates like a fully amortising loan, providing funding for WMBC, which would not have been available from traditional sources. WMBC will now lease the buildings for 50 years, with annual rent increases linked to inflation, after which ownership of the building will pass to WMBC.”
Richard Mawdsley, Director of Development for Peel L&P’s Wirral Waters, said: “We are very proud to mark this special moment in Wirral Waters’ history with the practical completion of the first phase of this mammoth project.
“The impact that this development has had on local construction students and the local community over the last couple of years is truly inspiring and the innovation and skills learnt around green methods of construction will benefit many future generations too. This great work continues as we look forward to completing phase two early next year.”
Miller’s QuayMiller’s Quay development at Wirral Waters
Sustainability at Miller’s Quay
The Miller’s Quay development has been designed with sustainability at its core, utilising a wide range of energy-efficient and low-carbon technologies. Key architectural features of the development include:
- All buildings across the Wirral Waters regeneration project are targeting BREEAM Excellent, including Miller’s Quay, as well as significant bio-diversity improvements with the planting of more than 1,600 trees so far
- Miller’s Quay will use a range of energy efficiency and low carbon technologies to reduce carbon emissions, including solar power systems, and air-source heat pumps
- 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
- Sustainable urban drainage to manage surface water from the site into the docks through the provision of rain gardens, climate tolerant planting and tree pits designed to accommodate a 1 in 100-year storm.