Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds, Muse, a national urban regeneration firm, and contractor VINCI Building, are pleased to announce the topping out of construction at the New Victoria Build-to-Rent development in Manchester today, attended by some of PIC’s policyholders. Once complete, the revenue from New Victoria will help to pay the pensions of PIC’s c.300,000 policyholders over future decades.
Muse is the developer for the project and has worked at New Victoria for a number of years to create the vision and prime the site ready for regeneration. Muse is one of the UK’s leading developers, specialising in complex, long-term regeneration and is part of Morgan Sindall Group. VINCI Building have been the main contractor for the project and the development has been supported by Network Rail, Manchester City Council and Homes England.
The topping out of construction is being marked by a ceremony today with senior leaders from Manchester City Council; Homes England; Tracy Blackwell, PIC’s Chief Executive; David Burkinshaw, Development Director, Muse Developments; and Garry Bowker, Regional Director for the North West at VINCI Building.
PIC invested £130 million to fund the construction of New Victoria, its first Build-to-Rent project, in September 2020. The development has repurposed a former car park adjacent to Manchester Victoria station, generating considerable social value. The development, once considered unviable due to a Victorian culvert running under the site, showcases what is possible through close collaboration between long-term investor, developer, contractor and the local authority.
Social value creation
– Over the course of the development more than £40 million has gone directly into Greater Manchester’s economy through local employment, businesses and material sourcing.
– The development has employed 550 people during construction. – In total, more than 2,000 people will have worked directly on the project and 3,000 apprentice weeks will be run over the course of the construction.
– The development is at the forefront for local education and work experience opportunities in the construction industry, supporting students with work experience and internship opportunities, including:
o Supporting the Governments’ Kick Start Placements scheme providing training to young people with the highest risk of unemployment.
o Providing presentations on careers and pathways into the construction industry to the Greater Manchester Youth Network (children in or leaving care).
o The site team and supply chain working with the Release on Temporary Licence scheme, with three operatives on site.
– 99.5% of waste at the site has been recycled, reused, or disposed of in more environmentally friendly ways thereby avoiding landfill. A typical construction project would dispose of 8% – 10% of waste created through landfill.
– All electricity used at the site has been procured through renewable energy suppliers.
– In addition, New Victoria is also one of the first developments to be designed to achieve maximum water usage of 100 litres per person per day, which is 25% more efficient than current building regulations require.