Peel L&P and Pension Insurance Corporation plc (‘PIC’) are pleased to announce the commencement of construction of Miller’s Quay, the cornerstone investment in what will become the largest regeneration project in the UK, creating up to 20,000 permanent jobs. Miller’s Quay is a 500 one-and two-bedroom residential scheme which will continue the delivery momentum at Peel L&P’s Wirral Waters, a 500-acre brownfield site and former dockland. Wirral Waters is supported by central Government as a key part of its levelling up strategy.
The £130 million Miller’s Quay development has been made possible through a special partnership between highly experienced developer and regeneration business, Peel L&P, Wirral Metropolitan Borough Council (‘WMBC’) and long-term investor, PIC, who are Peel L&P’s funding partner. Construction company Graham is the contractor for the scheme.
The commencement of construction was marked by a ground-breaking ceremony today with 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.
About Miller’s Quay
Miller’s Quay is a 500 apartment Build-to-Rent residential development and the cornerstone scheme for the broader Wirral Waters development. The project has been made possible through a long-term, regeneration lease structure, providing funding for Wirral Metropolitan Borough Council, which would not have been available from traditional structures, while generating the secure long-term cashflows which allow PIC to match its pension payments decades into the future.
The project has been designed to deliver social good to the area with a core focus on sustainability, utilising a range of energy efficient and low carbon technologies to reduce carbon emissions:
- All buildings across the Wirral Waters regeneration project are targeting BREEAM Excellent, including Miller’s Quay, as well as significant bio-diversity improvements with the planting of more than 1,600 trees so far.
- Miller’s Quay, will use a range of energy efficiency and low carbon technologies to reduce carbon emissions, including solar power systems, and air source heat pumps.
- Miller’s Quay will be surrounded by parks, green spaces, dockside walkways and cycle routes, with homes having access to cycling storage and electric vehicle charging points.
- One in five apartments to be designated as affordable housing units, with rents set at a maximum of 80% of open market value.
- The Peel L&P delivery team will continue to engage with the Wirral Met College’s construction students for site visits, seminars, work experience and apprenticeships, enabling the students to benefit from experience on the project as we seek to create the construction workforce of the future.
- Sustainable Urban Drainage to manage surface water from the site into the Docks through the provision of rain gardens, climate tolerant planting and tree pits designed to accommodate a 1 in 100-year storm.
