Peel L&P and Pension Insurance Corporation plc (‘PIC’) have announced that the construction of Miller’s Quay is underway.

Miller’s Quay will be a 500 apartment Build-to-Rent residential development creating up to 20,000 permanent jobs making it the largest regeneration project in the UK.

Hayley Rees, managing director of PIC Capital, explains: “The development of Miller’s Quay is a model for how long-term investors can play a key role in the levelling up agenda and create considerable social value. The site will provide much needed housing for the Wirral and offers secure long-term cashflows to back the pensions of our 300,000 policyholders, some of whom live in the region. We hope that the regeneration lease structure used to finance Miller’s Quay can be adapted across a range of sectors and projects for other local authorities, as well as housing associations, universities, NHS trusts and other organisations looking to unlock funding for regeneration schemes around the country.”

The £130 million Miller’s Quay development

The residential scheme will include one-and two-bedroom homes and has been made possible through a special partnership between the developer and regeneration business, Peel L&P, Wirral Metropolitan Borough Council (‘WMBC’) and PIC. 

Sustainability is the core focus of the development as a range of energy-efficient and low-carbon technologies to reduce carbon emissions will be used. Construction company Graham is the contractor for the scheme.

The commencement of the construction was marked with a ceremony where attendees included Rob Groves, PIC’s Chief Investment Officer and Hayley Rees, Managing Director of PIC Capital; James Whittaker, Peel L&P’s Executive Director for Development; Steve Rotheram, Metro Mayor of the Liverpool City Region; and Councillor Jeff Green, The Mayor of Wirral. 

James Whitaker, executive director of development at Peel L&P, said: “This is a truly landmark moment for Wirral Waters with construction on this much anticipated residential scheme now starting. Miller’s Quay is a major scale, catalytic and highly sustainable residential development that we consider to be a great example of brownfield regeneration. This project will pave the way for a number of waterside residential schemes in the new Northbank neighbourhood and it will also deliver considerable social value through comprehensive engagement with both Wirral Met College’s Construction Campus and local supply chains.”

Jonathan Hall, regional managing director (Building South) at Grahamcommented: “Graham are delighted to add this prestigious residential project to the secured pipeline of work in our Liverpool Region. We are very excited to get started on this significant and much anticipated development that will deliver top quality new homes locally. Performing such a key role on one of the UK’s largest regeneration projects is a huge boost for us and will enhance our residential portfolio, a sector for which we are known for our quality and delivery.”