Work is now under way on a £130m development at Wirral Waters that will see the construction of 500 new homes. Tony McDonough reports
Work has started on a £130m project to build 500 new homes at Wirral Waters – 100 of which will be classed as affordable.
In January Wirral Waters owner, Peel L&P, announced that institutional investor Pension Insurance Corporation (PIC) was funding the Miller’s Quay scheme. Wirral Council is also a partner on the Build-to-Rent development.
It will see the construction of 500 one and two-bedroom apartments. One-fifth of the homes will be classed as affordable. Rents on the affordable units will be a maximum of 80% of open market value. Building firm Graham is the contractor for the scheme.
On Thursday representatives from PIC and Peel L&P gathered for the groundbreaking ceremony. Mayor of Wirral Jeff Green and Liverpool City Region Metro Mayor Steve Rotheram also attended the event.
James Whitaker, executive director of development at Peel L&P, said: “This is a truly landmark moment for Wirral Waters. Miller’s Quay is a major scale, catalytic and highly sustainable residential development. We consider this 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. 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, will use a range of energy efficiency and low carbon technologies to reduce carbon emissions. These include solar power and air source heat pumps. It will be surrounded by parks, green spaces, dockside walkways and cycle routes. Homes will have access to cycling storage and electric vehicle charging points.
READ MORE: Peel L&P view to deliver £55m modular homes
Hayley Rees, managing director of PIC Capital, added: “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.”
Peel L&P’s delivery team will engage with the Wirral Met College’s construction students for site visits, seminars, work experience and apprenticeships.