On the first anniversary of the inauguration of New Victoria’s award-winning £ 130million development in central Manchester, £ 50million has already gone directly into the Greater Manchester economy, through local employment, taxes and procurement materials. An additional £ 65million was spent on small businesses supplying materials for the project as part of the larger supply chain in the North West. The development employs 550 people during the construction phase, and completion is expected in 2024.
New Victoria, which is owned by Pension Insurance Corporation plc (“PIC”), an insurer specializing in defined benefit pension plans, will deliver 520 new homes on a brownfield site in the city center by regenerating a key part of the city center. The development will include 460m2 new landscaped space, which is the first time this site has had a green space in over 100 years.
The income from the rental apartments will be used to pay the pensions of PIC policyholders for decades to come. PIC has partnered with Muse Developments and VINCI Construction UK to deliver the £ 130 million Build to Rent program.
PIC CEO Tracy Blackwell said: “We are very happy and proud to have brought so much social value to the Northwest through this award winning project. When completed, New Victoria will help pay the pensions of our policyholders, thus fulfilling the purpose of PIC. As a result of this targeted investment, hundreds of millions of pounds are spent over the course of the project in the local economy, supporting jobs, helping the environment and benefiting the wider upgrading program.
“With the government currently considering reform of Solvency II, the insurance regulatory regime, to help encourage more of these types of projects, there is a significant opportunity for other parts of the UK to benefit from similar developments. I would love to see development projects like this in every region and city in the UK, a new golden age of urban regeneration and job creation, helping to pay for the pensions of our policyholders and creating a real social value that will also benefit future generations.
Local benefits of the project
Local spending in Greater Manchester
- £ 49million has so far been pumped into Greater Manchester’s economy through a deliberate policy of sourcing building materials and products locally.
- In addition, £ 65million has been spent so far on sourcing building materials for SMEs, supporting thousands more jobs
Jobs created and apprenticeship weeks completed
- New Victoria development creates 40 new jobs and employs a total of 550 people during construction phase, with completion expected in 2024
- In total, more than 2000 people will have worked directly on the project
- Of the 3,000 weeks of learning planned during the construction phase, 903 have been completed to date
- 5% of the waste from the New Victoria development will be recycled, reused or disposed of in a more environmentally friendly manner than landfill. A typical construction project would eliminate 8-10% of the waste created by landfill
Energy efficiency and water sustainability
- It is one of the first developments to be designed to achieve a maximum water consumption of 100 liters per person per day, which is 25% more efficient than required by current water regulations. construction.
- All electricity used at the development site during construction is purchased from renewable energy suppliers
Manchester’s vital flood defenses maintained
- A key Victorian culvert on the River Irk – a major plank of central Manchester’s flood defenses – receives enhanced protection as part of the development
David Burkinshaw, Director of Development at Muse, said: “We are proud to join partners on site to mark this important construction milestone, but more importantly to recognize the huge amount invested in Greater Manchester by all partners. working on New Victoria.
“This investment not only acts as a catalyst for the city’s future growth, but also offers a range of opportunities for all and a platform for prosperity. Together we are committed to supporting Manchester, the wider city region and the country’s economic recovery, which will come from our cities. “
Garry Bowker, North West Regional Director of VINCI Construction UK, said: “We believe that social value is about creating positive change in someone’s life, and the value that this creates, whether by supporting a person, community, local business or by improving the area where they live.
“With our delivery of the exciting New Victoria project, we can and will ensure not only to deliver a flagship development, but to leave a lasting legacy of social, economic and environmental improvement.”