Fully let to a mix of domestic and international students-
Moorfield, a leading boutique UK real estate private equity fund manager, on behalf of Moorfield Real Estate Fund IV, announces the practical completion of Toybox, the latest purpose built student accommodation (“PBSA”) development it has delivered in the UK.
The forward funded 290 bed scheme, in central Birmingham, was developed by the Torsion Group, a privately-owned independent development and construction company covering the student accommodation, care to residential and housing sectors.
Comprising 151 studio apartments and 139 en-suite cluster bedrooms spread across a 15 storey building, Toybox boasts best in class amenities including stylish communal spaces designed to optimize effective studying. Students moving in will also have access to a fully equipped onsite gym and wellness studio, a private courtyard garden, automated parcel lockers and ultrafast fibre optic Wi-Fi. The property is already 100% let for the beginning of the 2019/2020 academic year.
Located on Bishopsgate Street in the city centre, Toybox is close to all of the four major Birmingham Universities, collectively home to over 79,000* students. The City’s main shopping district, including the Bullring shopping centre, as well as a range of popular student bars and restaurants are located within a 15-minute walk, with a wide range of leisure facilities and amenities also in proximity.
Charles Ferguson-Davie, CIO at Moorfield Group, commented: “As one of the pioneers in the PBSA sector and an active current investor, we have been able to use our experiences from previous projects, including Hox Park, which services Royal Holloway University and opened last year. This ensured we delivered a scheme that is of a high-quality with impeccable interior design and stylish communal facilities focused on enhancing the students’ university experience as well as support their wellbeing.
“The letting success at the Toybox reinforces our belief that a British university education continues to be of particular appeal to overseas students, who expect more from their university experience than ever before – and the quality of their accommodation plays a major role in that experience.”
Moorfield started investing in the student accommodation sector in 1998, in response to the significant gap in the market for affordable student accommodation. Since then, the company has developed and managed over 6,000 student accommodation beds across the UK, including Printworks in Exeter and Century Sq. in Sheffield.