Moorfield Group, the UK real estate fund manager, has completed construction of its 293-bed, £45million PBSA scheme in Lincoln.
The scheme, named BGU Student Village, includes townhouses and cluster flats across almost 90,000 sq. ft and seven buildings ranging from one to four storeys, as well as landscaped gardens and strong sustainability credentials.
Bishop Grosseteste University (BGU) Student Village is being delivered as part of a development agreement with Melberry Developments, with Bowmer and Kirkland as contractors. The development, which took 15 months to build, is ready to welcome students from BGU.
Moorfield has undertaken the investment on behalf of Moorfield Real Estate Fund V (MFREFV), the latest fund in its flagship value-add series. In July, Moorfield announced that it had successfully raised an initial £330million for MFREFV and its associated co-investment initiatives. Moorfield’s “Hub & Spoke” strategy is focused on the living and storage sectors, which are both marked by an under-supply of fit-for-purpose product, low levels of institutional ownership and demographically driven tailwinds.
BGU Student Village is the second purpose-built student accommodation delivered by Moorfield and Melberry, following the completion of the 282-bed “Enso” in July 2023. Enso achieved a BREEAM “Excellent” rating and is fully let to students from the University of Colchester.
Charles Ferguson-Davie, co-CEO and chief investment officer at Moorfield Group, commented: “Student housing is a sector of strategic focus for us, with the investment case supported by structural and demographic demand drivers, as well as the undersupply of fit-for-purpose accommodation.”
“BGU Student Village will help to plug this gap, with the sector offering those with proven and long-standing expertise the opportunity to fund development and to refurbish existing purpose-built schemes as well as student houses of multiple occupation.”
David Sarson, managing director at Melberry Development Management, commented: “After our successful work together on Enso, the completion of BGU represents yet another vindication of the quality of product produced by Moorfield and Melberry’s development partnership.”
“With a conscientiously thought-out amenity offering and best-in-class sustainability credentials, the scheme is all set to provide this generation of Lincoln’s students with high-quality accommodation they can be proud to call home throughout their educational journey.”
Bishop Grosseteste University chancellor, Dr. Tracy Borman, commented: “We are thrilled to open the Student Village, which will significantly enhance the university experience by fostering a vibrant and supportive community close to our campus. This development is a key part of BGU’s broader growth plan, complementing our existing on-campus accommodation. It’s wonderful to see it all come together, ready to welcome our students to their new homes very soon.”
