Pension Insurance Corporation (PIC) has invested £130 million in Wirral Waters One (WWO), the cornerstone residential scheme for the broader development of Peel L&P's Wirral Waters, a 500-acre brownfield site and former dockland.

Regeneration specialists Peel L&P has launched a 30-year strategy which will see the site become the largest regeneration project in the UK, creating up to 20,000 permanent jobs. Wirral Waters is supported by central Government as a key part of its levelling up strategy.

Working in close partnership with Peel L&P and Wirral Metropolitan Borough Council (WMBC), 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. Rents on the affordable units will be a maximum of 80% of open market value, delivering significant social impact.

The project will transform the brownfield site into a sustainable location for local and international businesses, creating more than 20,000 permanent jobs for the Liverpool City region, as well as offering a breadth of new housing opportunities. Wirral Waters was designated Enterprise Zone status in 2011 and has been supported by Homes England.

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The Build-to-Rent development will use a long-term, regeneration lease structure, providing funding for WMBC which would not have been available from traditional structures, whilst generating the secure long-term cashflows which allow PIC to match its pension payments decades into the future.

WWO brings together an ideal partnership of a long-term investor, a highly experienced developer, and a forward-thinking local authority to generate considerable social value, including:

• One in five apartments to be designated as affordable housing units, with rents set at a maximum of 80% of open market value.

• All buildings across the Wirral Waters regeneration project are targeting BREEAM Excellent, including WWO, as well as significant bio-diversity improvements with the planting of more than 1,600 trees so far.

• WWO will use a range of energy efficiency and low carbon technologies to reduce carbon emissions, including solar power systems, air source heat pumps, and electric vehicle charging points.

• 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.

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."