Pension Insurance Corporation plc (PIC), has acquired a prime city-centre site in Manchester as the location for its first Build to Rent project. 

PIC is investing £130m to fund the construction of 520 residential apartments, over 6,000 sq ft of commercial space and 102 car parking spaces. 

Tracy Blackwell, CEO of Pension Insurance Corporation plc, said: “PIC is a significant and purposeful investor in the UK’s infrastructure. I am delighted that we have now secured our first Build to Rent project, a significant step as PIC continues to grow. This investment, which will have a positive effect on the local economy, will provide long-term, secure cashflows to back our pension payments in the decades ahead. 

The development is located adjacent to Victoria train and tram station and directly opposite the NOMA business district and it already has planning consent. 

The purpose-designed scheme comprises over 7,000 square feet of flexible amenity space, features retail space on the ground floor, a rooftop communal terrace, car parking, as well as public realm improvements. 

Muse Developments are the developer and VINCI Construction UK the contractor. It is expected to create 40 permanent new jobs and employ 650 people during the construction phase, with completion due in 2024. 

David Burkinshaw, development director at Muse Developments, said: “Reaching 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. 

“At Muse, we’re committed to bringing the best of the public and private sector together, to drive economic and social prosperity right into the heart of our towns and cities when it’s needed most. 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.”