Housing delivery will be focused on Wirral's east coast. Credit: via Peel L&P

PIC invests £130m in Wirral Waters 

Pension Insurance Corporation will fund the creation of Wirral Waters One, a 500-home build-to-rent scheme that forms part of Peel L&P and the local council’s £4.5bn regeneration project. 

PIC’s £130m investment will see the creation of six buildings comprising a mix of one- and two-bedroom apartments on a site next to Great Float Docks that has been vacant for more than 20 years.

Designed by Glenn Howells Architects, the development features 100 affordable homes. 

Wirral Waters One will provide 500 of an estimated 13,000 homes to be delivered over the next 30 years as the redevelopment of the 500-acre docklands progresses. 

Cllr Tony Jones, chair of Wirral Council’s economy, regeneration and development committee, said: “With Peel L&P taking the occupational and delivery risks, this build-to-rent development will be able to provide a long term revenue income stream to the local authority, which could support wider service delivery and future investment. 

“It is also another key moment in the continuing wider regeneration in the borough, tying in with the work well underway in Birkenhead to drive forward the town’s renaissance and showing the increasing confidence of investors in the plans for Wirral’s future.” 

PIC’s investment at Wirral Waters follows more institutional backing on the peninsula in the shape of Canada Life’s £75m investment in the first phase of offices, totalling 150,000 sq ft, at Birkenhead’s town centre transformation. 

“Our investment in WWO is another step in the development of our purposeful investment strategy and ultimately is a model for how long-term investors can play a key role in the levelling up agenda,” said Hayley Rees, head of investment strategy at Pension Insurance Corporation.

“We need secure long-term cashflows to back the pensions of our 300,000 policyholders and so seek to invest in assets with a high degree of social value, because what makes sense for society helps us achieve our purpose over decades.”   

“The combination of an experienced regeneration company, a long-term investor, and a progressive local authority will deliver real value for all our collective stakeholders,” said James Whitaker, executive director of development at Peel L&P. 

In Manchester, PIC invested £130m in Muse Development’s New Victoria scheme, funding the 520-home residential phase.

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Peel have had this site for most of those 20 years, now they are saying the overall homes target will be delivered over 30 years, so is that 30 years from now or from when they secured the site.
It`s good news though, however things move very slowly with Peel, as we can see on the opposite bank of the Mersey, so hoping this will be on site sooner rather than later.

By Anonymous

Really attractive scheme, and just down the road from the Urban Splash development. Some quality ancillary uses (not a Lidl) and high end public spaces and I can imagine a real community vibe emerging. Need some public transport infrastructure now (hello, MerseyTravel) to really boost it.

By Anonymous

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