Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension funds and Court Collaboration, a leading UK property developer, officially broke ground on the 51-storey One Eastside build-to-rent development in Birmingham today.
The event, attended by Birmingham City Council Leader, Councillor Ian Ward, marks a significant milestone for the exciting project which PIC has forward funded with a £200 million investment and which will be one of Birmingham’s first skyscrapers.
Located just a stone’s throw away from the new Curzon Street HS2 station in the heart of Birmingham, One Eastside will comprise 667 high-quality new homes for rent. The development will also feature a top-class co-working space and amenities for residents such as a cinema room, sky lounge and gym.
At the ground-breaking ceremony, Hayley Rees, Managing Director of PIC Capital, and Alex Neale, Managing Director of Court Collaboration, both emphasised their commitment to providing quality, innovative and sustainable BTR schemes in the region, as well as their strong ESG credentials.
One Eastside will create over 300 new jobs, as well as provide opportunities for hundreds of local students. Work placements, on-site courses and experience, will be provided at One Eastside part of Court Collaboration and PIC’s joint commitment to supporting future talent in the city and the next generation of professionals.
Hayley Rees, Managing Director of PIC Capital, at PIC said: “With this, our fourth Build to Rent scheme, PIC is firmly establishing itself as a significant and purposeful investor across the UK’s infrastructure and housing footprint.
“With 667 new apartments being developed here in Birmingham we will be helping to grow a thriving community while contributing positively to the local economy, including creating hundreds of new job opportunities and supporting the training of local students. The development will provide long-term, secure cashflows underpinning our policyholders’ pension payments for many years to come.
“We look forward to our continuing partnership with highly experienced developer, Court Collaboration, on this best-in-class scheme and remain actively engaged on a number of similar opportunities across the UK.”
Alex Neale, Managing Director of Court Collaboration commented: “We are delighted to have broken ground on our truly ambitious and exciting One Eastside development today, and it’s an honour to welcome the Leader of Birmingham City Council, Ian Ward, to help us celebrate. This project is a reflection of our and our council’s commitment to help drive this city forward, creating wonderful, sustainable new places and spaces, and the homes for the next generation. Thanks also to Pension Insurance Corporation and other guests who have joined us today to mark this special occasion.”
Birmingham City Council Leader, Cllr. Ian Ward added: “Birmingham is on the up and, at 51 storeys high, One Eastside will symbolise a city that is undergoing a remarkable transformation. This will be one of the region’s tallest habitable structures and huge credit must go to our home-grown SME, Court Collaboration for attracting high calibre investors and partners like PIC to the city.
“We can be proud that Birmingham is now a city that doesn’t just talk about investment and regeneration – we connect with high quality partners, and we get on with the job.”
One Eastside is targeting a completion in 2026.
For further information please visit www.pensioncorporation.com