An £80million redevelopment scheme launched to build 306 new apartments in Milton Keynes.
This week, work has begun on demolishing the former tax office and DWP building in Central Milton Keynes ahead of a redevelopment of the area.
Pension Insurance Corporation plc, a specialist insurer of defined benefit pension schemes, is funding the new Build-to-Rent project.
The £80 million redevelopment of a brownfield site will provide 306 new residential apartments, 43 of which will be affordable housing.
The Milton Keynes development will employ around 750 people on site during construction, which is due to complete in late 2024.
The Milton Keynes scheme will be developed by HG Living (‘HGL’), a specialist developer of Build to Rent homes and purpose-built student accommodation.
In the new development, there will be internal retail / amenity space for residents, anticipated to include 24-hour concierge, residents’ lounge, gym, fitness studio, sky lounge and multi-use games room.
Tracy Blackwell, CEO of PIC, said: “We are really pleased to announce our latest Build-to-Rent project, which will once again go above and beyond existing building requirements in terms of energy efficiency and resident safety. As our business rapidly develops, we are increasing at pace our investment into the economy and we now have a significant presence across the country, supporting thousands of jobs and regenerating key inner-city sites. Yet we would like to do more but will only be able to do so with appropriate reform of Solvency II.”
The development is set to use Air Source Heat Pumps for hot water and green electric for heating, including its own solar panels, which will help the transition to a Net Zero economy.
Rob Greaves, Development Director of HG Living, said: “We are delighted to be working with Pension Insurance Corporation on this project, which will be delivered in the spirit of true partnership with PIC. HG Living and HG Construction have an enviable track record of delivering projects with certainty for our institutional funding partners and creating high quality, sustainable living spaces that will make a positive long-term contribution to local communities. The Build-to-Rent sector has an important role in addressing the current housing shortage and we are pleased to play our part in bringing urgently required homes to the market at scale and at speed.”
READ MORE: Plans submitted to demolish City Centre office block and replace with 306 flats over 14 storeys
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