UK’s largest urban regeneration development set to welcome first residents

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.”

• 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.

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For further information please contact:         

PIC
Clive Booth
+44 (0)7780 599247
boothc@pensioncorporation.com

About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2023, PIC had insured 339,900 pension scheme members and had £46.8 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of £13.6 billion to its policyholders and has invested £13 billion in the UK economy, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com