UK: Real estate fund manager Moorfield Group has signed a development agreement with Melberry Developments for a 282-unit PBSA scheme in Colchester, Essex.
On behalf of Moorfield Real Estate Fund IV, the investment is in line with Moorfield’s 2030 net zero commitment. The project, which has a £40 million GDV, incorporates Moorfield’s first ESG-linked development agreement, with the development team specifically incentivised to achieve a BREEAM Excellent rating.
The scheme, designed by architects HNW and engineers Campbell Reith is expected to complete for the start of the 2023/24 academic year. It will deliver 282 cluster and studio rooms across nine floors, offering amenity facilities including social, study and gaming spaces as well as indoor and outdoor fitness suites.
Through both the design and construction stages and once operational, pioneering technology and engineering methods will be used to target reduced embodied and operational emissions, as well as using recycled materials. The building will include air source heat pump heating of the hot water system, with zero gas usage, and it will be smart system enabled as well as incorporating a grey water irrigation system and charging points for electric vehicles.
It is located on Colchester’s Hawkins Road, a short walk from the main campus of the University of Essex.
Ross Netherway, head of origination at Moorfield Group, commented: “Sustainability sits at the core of Moorfield’s strategy, and this latest student development, working with partners who share our ethos, will be our most environmentally friendly scheme yet. It is well placed to bring together growing consumer and investor interest in the environment and sustainable development. The PBSA sector has been one of our conviction calls for over 20 years, and despite the short-term disruption caused by the pandemic, the longer-term demographic drivers remain hugely favourable. The University of Essex faces a critical supply/demand imbalance of high-quality student accommodation, which underpins our confidence in the future success of this scheme.”
