UK-focussed real estate fund manager Moorfield Group (“Moorfield” or “the Company”) has completed the construction of The Apiary, an 81-studio co-living community in Ealing. The scheme marks Moorfield’s first investment in the fast-growing co-living sector, which has tripled in size in the UK since 2019.[1]
The Apiary’s sophisticated studio apartments are in a modern building adjacent to Ealing Broadway station, which help meet the demand for affordable, high quality and flexible accommodation from young professionals and students living in the area.
The scheme hosts well-designed independent studios, ensuite bathrooms and kitchens and shared amenity spaces.
The building is located less than a one-minute walk from Ealing Broadway’s major single-level interchange station, and will connect residents to destinations across the District, Central and Elizabeth lines.
Designed to achieve BREAAM Very Good as a minimum standard, The Apiary hosts a variety of purpose-designed amenity spaces, including a contemporary private dining area, wellness studio and rooftop terrace with expansive views over the city.
The Apiary was forward funded by Moorfield’s fifth value-add fund, Moorfield Real Estate Fund V (MREFV). In January, Moorfield also announced a funding agreement for a 440-home build-to-rent (BTR) development in Greater Manchester.
Moorfield was an early mover in the UK living sectors, entering purpose-built student accommodation in 1997, retirement villages in 2008, and BTR in 2012.
Heiko Figge, Head of Operational Asset Management at Moorfield Group said:
“Construction completion for our first co-living investment marks a major milestone within our UK living sector strategy and follows our extensive experience in purpose-built student accommodation and build-to-rent. There remains a structural under-supply of high-quality homes for rent, especially in major cities like London, and we see harnessing institutional capital into residential investment as being key to solving the housing crisis.
“The Apiary’s quality design, amenities and robust sustainability credentials will provide a top-tier rental offering to one of London’s most vibrant and accessible submarkets, perfectly located to suit the needs of young professionals.”
[1] https://www.savills.co.uk/insight-and-opinion/savills-news/347682/size-of-the-uk-s-co-living-sector-trebles-since-2019–amidst-strong-appetite-amongst-global-investors-for-the-product