Moorfield Group has entered into a development agreement with Melberry Developments, on behalf of Moorfield Real Estate Fund IV, for a 282-room PBSA development in Colchester.
The £40m GDV scheme 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.
Ross Netherway, Head of Origination at Moorfield Group, said: “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.”
Located on Hawkins Road, a short walk from the main campus of the University of Essex, students will benefit from the building’s strong transport connections, with nearby Hythe railway connecting to Colchester mainline station.
Gwyn Pritchard, Managing Director at Watkin Jones (the contractor), said: “Our teams are on site and work is already progressing well. We’ve built extensive expertise delivering investment quality homes with the best environmental and social outcomes, and we’re thrilled to be able to support the partners to deliver this highly sustainable accommodation.”
It is expected to complete for the start of the 2023/24 academic year.