{"id":82212,"date":"2020-09-09T11:42:29","date_gmt":"2020-09-09T10:42:29","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=82212"},"modified":"2020-09-09T11:42:29","modified_gmt":"2020-09-09T10:42:29","slug":"new-victoria-scheme-2","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/new-victoria-scheme-2\/82212\/","title":{"rendered":"Insurance company to fund Manchester\u2019s New Victoria scheme"},"content":{"rendered":"

Pension Insurance Corporation plc<\/a> (PIC) has been named as the forward funder of the first phase of development at Manchester\u2019s New Victoria scheme, following a \u00a3130m deal<\/h2>\n

New Victoria<\/a> \u2013 the \u00a3185m scheme in the heart of Manchester city centre is being delivered by national mixed-use urban regenerator, Muse Developments<\/a> with support from Network Rail<\/a> and Manchester City Council<\/a>.<\/p>\n

The first phase of residential development will deliver some of the best amenity space in the region, including a state-of-the-art gym, communal lounges, cycle storage and a rooftop garden.<\/p>\n

The building fronting Corporation Street will feature retail space on the ground floor, car parking as well as public realm improvements.<\/p>\n

Adjacent to Manchester Victoria train station, New Victoria will bring forward a total of 520 new homes over two, 20 and 25-storey buildings, including 178 one-bed, 286 two-bed and 56 three-bed apartments on the site, which is being purchased from Network Rail.<\/p>\n

Muse announced in 2019 that Manchester City Council had received a Housing Infrastructure Fund<\/a> grant from Homes England<\/a>, the government\u2019s housing agency, to accelerate the delivery of the infrastructure needed to unlock the 2.5-acre site on Corporation Street.<\/p>\n

As part of the wider New Victoria scheme, Muse is also acquiring a second site from Network Rail, where proposals will be brought forward for a 150,000 sq ft Grade A eight-storey office building.<\/p>\n

New Victoria benefits from being in an unparalleled location, close to the city\u2019s premier retail and leisure amenities, adjacent to Manchester Victoria Station \u2013 the city\u2019s second-largest public transportation hub that has benefited from a major programme of regeneration in recent years.<\/p>\n

It\u2019s expected that the scheme will create 40 new jobs and employ 650 people during the construction phase, with completion due to finish in 2024<\/p>\n

Investing in the UK\u2019s social infrastructure<\/h3>\n

David Burkinshaw, development director from our Salford office, said: \u201cReaching completion on the forward funding deal with PIC is a significant milestone for all partners, as we bring forward the first phase of this innovative gateway development.<\/p>\n

“This deal highlights investor confidence in our long-term vision to transform and repurpose an underutilised site in Manchester city centre.<\/p>\n

\u201cAt Muse, we\u2019re committed to bringing the best of the public and private sector<\/a> together, to drive economic and social prosperity right into the heart of our towns and cities when it\u2019s needed most.<\/p>\n

“Key ingredients to achieving this are to deliver high-quality designed schemes next to major transport infrastructure, but importantly with a core purpose to meet the diverse needs of our communities.<\/p>\n

“We look forward to working closely with PIC and our contractor, VINCI, as we progress this first-class scheme.\u201d<\/p>\n

Tracy Blackwell, CEO of Pension Insurance Corporation plc, added: \u201cWith a portfolio in excess of \u00a340bn backing the guaranteed pensions of our c.230,000 policyholders, PIC is a significant and purposeful investor in the UK\u2019s social infrastructure, including social housing<\/a> and renewable energy.<\/p>\n

“I am delighted that we have now secured our first Build to Rent project, which will provide long-term, secure cashflows to back our pension payments in the decades ahead.<\/p>\n

\u201cI want to thank our partners, Muse Developments and Vinci Construction UK, for their help so far and I look forward to successful completion in 2024.<\/p>\n

“We are actively engaged on a number of similar opportunities across the UK and have a strong pipeline going into 2021.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Pension Insurance Corporation plc (PIC) has been named as the forward funder of the first phase of development at Manchester\u2019s New Victoria scheme, following a \u00a3130m 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