Construction has commenced of Miller’s Quay, a 500 one-and two-bedroom residential scheme, in the UK.
Once completed, the £130m built-to-rent residential scheme at Wirral Waters is expected to become the largest regeneration project in the UK, creating up to 20,000 permanent jobs.
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Wirral Waters is a 500-acre brownfield site and a previous dockland.
Earlier this year, Peel L&P, the owner of Wirral Waters, announced Pension Insurance Corporation (PIC) as the funding partner.
For the Miller’s Quay scheme, Wirral Council is serving as the partner, with construction company Graham appointed as the contractor.
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PIC Capital managing director Hayley Rees said: “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.
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By GlobalData“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.”
Peel L&P executive director of development James Whitaker 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.”
Miller’s Quay scheme will see use of energy efficiency and low carbon technologies to cut down emissions. These technologies include solar power systems, and air source heat pumps.
Furthermore, it will be surrounded by parks, green spaces, dockside walkways and cycle routes.
The homes in the project will have access to cycling storage and electric vehicle charging points.
One in five apartments will be earmarked as affordable housing units, with rents to be placed at a maximum of 80% of open market value.
Through the provision of rain gardens, climate tolerant planting and tree pits, the project will have a sustainable urban drainage mechanism to manage surface water from the site into the docks.
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Image: Peel L&P executive director of development James Whitaker, PIC Capital managing director Hayley Rees, Mayor of Wirral Jeff Green, and Graham regional managing director Jonathan Hall celebrating the ground-breaking ceremony at Miller’s Quay. Credit: Graham Group.
