Pension Insurance Corporation plc (PIC) has begun work on 500 waterfront apartments at Miller's Quay in Liverpool.

The £130 million development, which includes 100 homes, has been funded by PIC and is part of a Build-to-Rent development which will provide additional funding for the Wirral Council.

The project will aim to transform the existing Brownfield site into a location suitable for local and international businesses, with the goal of creating more than 20,000 permanent jobs for the Liverpool City region.

The topping out ceremony was attended by PIC policyholders, and senior representatives from PIC, Peel L&P who are developing the site, construction firm GRAHAM, Homes England, Wirral Council, and staff and students from Wirral Met College.

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Commenting on the project, James Agar, Head of Long Income at Pension Insurance Corporation, said: "We're delighted to mark this significant step in the construction of the Miller's Quay development and are extremely proud of the social value it is delivering. The development is a model for how long-term investors can play a major role in regenerating brownfield sites across the country. We believe that the regeneration lease structure used to unlock Miller’s Quay can be adapted across a range of sectors and projects across the country by local and regional authorities looking to unlock funding for regeneration schemes for their areas.

"Miller's Quay has seen the creation of considerable social value through jobs and education. It is an outstanding example of what can be achieved by a group of forward thinking, innovative and committed teams working together with a shared vision. PIC has invested £1.5 billion so far in built environment projects around the country, and we look forward to investing considerably more as our business continues to grow and we seek to back the pensions of our policyholders with long-term, secure cashflows."