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 the historic market town of Colchester, U.K.
In line with its ambitious 2030 net-zero commitment, the project, which has gross development value of £40 million (€47 million/$50 million), incorporates Moorfield’s first ESG-linked development agreement, with the development team specifically incentivized to achieve a BREEAM “Excellent” rating.
The high-quality scheme, designed by architects HNW and engineers Campbell Reith, is expected to complete for the start of the 2023–2024 academic year. It will deliver 282 cluster and studio rooms across nine floors, offering generous amenity facilities including social, study and gaming spaces as well as indoor and outdoor fitness suites.
Both through the design and construction stages and once operational, pioneering technology and engineering methods