UK real estate fund manager Moorfield Group has completed construction works at Enso, a 282-bed purpose-built student accommodation (PBSA) scheme in Colchester.
Delivered in partnership with Melberry Developments, Enso has been completed on behalf of Moorfield Real Estate Fund IV, which held its final close in 2018.
The project started in 2021, with construction works taking less than two years to complete.
Designed by HNW Architects and built by Watkin Jones plc, Enso includes 282 studio rooms and cluster flats across one building of nine floors. Communal amenities include study, social and gaming spaces as well as indoor and outdoor fitness facilities.
The asset will be operated by CRM, one of the largest student accommodation operators in the UK. First occupation will be from September this year.
Enso is one of Colchester’s most sustainable PBSA schemes, achieving a BREEAM “Excellent” rating and incorporating a series of carbon-cutting measures at the construction and operational phases.
These measures include the supply of electric vehicle charging points, three different types of bike storage, greywater irrigation systems, a water attenuation system that prevents overcapacity into the public drainage system and air source heat pumps to power a zero-gas hot water system. All timbers were fully responsibly sourced.
Enso has also secured a WiredScore Platinum award, the highest available accreditation in recognition of its digital connectivity and infrastructure.
Located on Hawkins Road, less than 20 minutes from University of Essex by foot, students will benefit from the building’s strong transport connections, with the nearby Hythe railway connecting to Colchester mainline station.
Moorfield has established itself as a market leader in UK student housing, having delivered c.5,000 beds through Domain, its purpose-built student accommodation development and operational platform, which was established in 1997.
A further 2,000+ beds are being aggregated through Moorfield’s joint venture with We Are Kin, a partnership that is improving the experience of student accommodation in existing houses of multiple occupation (HMOs).
Moorfield’s student housing portfolio sits alongside other residential strategies such as multi-family build-to-rent housing, single-family rental housing, co-living, retirement living and nursing homes.
Across all these ‘living’ sectors that Moorfield operates in, there is a focus on brand, design, technology and customer experience to create sustainable homes that are fit-for-purpose for the future.
Heiko Figge, Head of Operational Assets at Moorfield Group, commented: “Student housing has been one of the UK’s most resilient asset classes over the past two decades, further proven in the post-pandemic environment, where performance has been challenging in other traditional sectors.
“The UK’s leading reputation on the university world stage continues to attract both domestic and international students, which is exacerbating the accommodation supply-demand imbalances. The student housing sector offers investors long-term, inflation-linked income streams and defensive, structurally underpinned characteristics.
“We are proud of the green initiatives that we have introduced into this building that complement the strategy of environmental improvements we are making to our existing assets. Our exposure to both funding of new development projects and investing in existing homes offers diversification as well as different routes to achieving our environmental goals.”
Richard Harris, Group Delivery, Managing Director at Watkin Jones, commented: “We are delighted to practically complete and hand the Hawkins Road development over to our clients, Moorfield Group and Melberry Developments.
“This project reflects our continued commitment to provide the highest quality PBSA accommodation, in great locations across the UK, that students can call home.
“With sustainability at the forefront and state-of-the-art facilities, this development represents our commitment to elevating standards of student living and creating a homely and positive experience for residents.”
The portfolio, comprising four sites in Newport, Peterborough, Preston and Tewkesbury, and totalling 37-acres, was acquired for £26 million, reflecting a 13.1% net initial yield. All the sites are leased to BCA, t