Moorfield Group, through its Real Estate Fund IV, has agreed to invest in University of Essex student accommodation. The project will be delivered in partnership with Melberry Developments.
A 282-room PBSA development in Colchester is expected to be built by the start of the 2023/24 academic year. It will offer studio rooms across nine floors, as well as social, study and gaming spaces, and indoor and outdoor fitness suites. The project has a GDV of £40m.
Ross Netherway, head of origination at Moorfield, said: “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.”
The development, designed by architectural practice HNW and engineering firm Campbell Reith, is set to achieve a BREEAM Excellent rating. The building will feature an air source heat pump hot water system with zero gas usage and will be smart system enabled, as well as incorporating a grey water irrigation system and EV charging points.
Watkin Jones has been appointed as the contractor to deliver the scheme. Shoosmiths and Bidwells advised Moorfield. Clyde & Co advised Melberry.
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