The first self-invested personal pension residential development fund, or SIPP, has been used to finance a waterfront scheme in Ipswich.

Assetz Fund Management announced this week the fund to develop “The Mill” mixed-use scheme.

Assetz managing director Stuart Law said that the company was aiming to raise £9.5m using the fund, which will be backed by £41m worth of bank loans.

In order to exploit rules outlined in the recently passed Finance Act, which allow SIPPs investors to indirectly own residential property, private investors will take unit trusts worth a minimum £50,000.