An investment of £130m is set to go towards creating 600 new homes on the Wirral as part of the UK’s largest urban regeneration project.
Wirral Waters One, the cornerstone residential scheme for the broader development of Peel L&P’s Wirral Waters project, has received investment from the Pension Insurance Corporation (PIC).
The new investment will contribute towards the project’s hopes of creating more than 20,000 jobs in the Liverpool city region.
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Wirral Waters is the centre of a 30 year strategy by Peel which will see a 500-acre brownfield site and former dockland transformed into a mixture of residential, commercial and office buildings, with enhanced public realm green space.
PIC is the sole investor for the development of a Build-to-Rent scheme, comprising 500 one and two bedroom apartments, with an affordable housing component of 100 homes.
The Build-to-Rent scheme is aiming to provide rents on the affordable units at a maximum of 80% of open market value, which Peel hopes will deliver significant social impact in the Birkenhead and wider Wirral peninsula.
When complete, the wider Wirral Waters project is aiming to transform the brownfield site into a sustainable location for local and international businesses.
Peel are also leading on the large-scale regeneration of Liverpool’s North Docks, the £5bn Liverpool Waters regeneration project.
James Whitaker, Executive Director of Development at Peel L&P, said: “This project is a great example of partnership working that will not only deliver this development but will act as a model for other schemes in the future.
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.”
Hayley Rees, Head of Investment Strategy at Pension Insurance Corporation, said: “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.
"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.”
Councillor Tony Jones, Chair of Wirral Council's Economy, Regeneration & Development Committee, said: “Already this year with this announcement we are seeing another major step forward for Wirral's Left Bank with the delivery of this latest significant development.
“The council has worked closely with both Peel L&P and PIC to bring forward this project which will be delivering jobs and affordable housing for people in Wirral.
“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.”
