UK real estate fund manager Moorfield Group has teamed up with land developer Melberry Developments on a 282-room purpose built student accommodation (PBSA) development in Colchester.
The sustainable project, with a gross development value (GDV) of £40 mln (€48 mln), includes Moorfield’s first ESG-linked development agreement, aimed at achieving a BREEAM “Excellent” rating.
Designed by architects HNW and engineers Campbell Reith, the development is located on Hawkins Road, close to the main campus of the University of Essex.
Due for completion by the start of the 2023/2024 academic year, the project will deliver 282 cluster and studio rooms across nine floors, in addition to social, study and gaming spaces as well as indoor and outdoor fitness suites.
Ross Netherway, head of origination at Moorfield Group, commented: '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.'
David Sarson, managing director of Melberry Developments, said: 'We are delighted to be working with Moorfield to deliver this exciting first development in our planned pipeline together.'
Environmental initiatives will make the project 64% more energy efficient than a typical PBSA building, according to Moorfield. These include air source heat pump heating of the hot water system, with zero gas usage, in addition to a greywater irrigation system and charging points for electric vehicles.
The project marks the first that Moorfield has worked on with Melberry Developments, the latter of which boasts a successful PBSA track record.
PBSA and build-to-rent specialist Watkin Jones has been appointed as contractor.
Shoosmiths and Bidwells advised Moorfield, while Clyde & Co advised Melberry.
