Topping out completed at "the UK’s largest urban regeneration development"

Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds, has completed the topping out of the construction of 500 sustainable waterfront apartments at Miller’s Quay, the cornerstone scheme at Wirral Waters, the UK’s largest urban regeneration project.

The £130m development, which includes 100 affordable homes, has been funded by PIC. Once complete, the cashflows from Miller’s Quay will help to pay the pensions of PIC’s policyholders over the next 50 years.

The project will transform the existing brownfield site into a sustainable location for local and international businesses, creating more than 20,000 permanent jobs for the Liverpool City region, as well as offering a breadth of new housing opportunities. Wirral Waters was designated Enterprise Zone status in 2011.

The Miller’s Quay development has been funded through a long-term, regeneration lease structure which operates like a fully amortising loan. Upon completion of the development, Wirral Council will lease the building for 50 years, with annual rent increases linked to inflation.

The 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. This collaborative, mutually beneficial structure benefits one of the poorest areas in the North of England.

Miller’s Quay is a highly sustainable development and delivers significant social value through the provision of 100 affordable new homes. Its construction has created cutting-edge opportunities for the local community and improved employment prospects for local students.

The topping out ceremony marks reaching the highest point in the construction of the transformational residential development. The event was attended by PIC policyholders, and 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. Local political leaders also attended.

James Agar, head of long income at Pension Insurance Corporation, said: “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.”

By Mark Adair – Correspondent, Bdaily

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