Bidwells Help Moorfield Ink First ESG-Linked PBSA Development Agreement
Bidwells has advised Moorfield Group on its first ESG-linked development agreement - a 282-room PBSA development in Colchester.
Moorfield has entered into a development agreement with Melberry Developments (“Melberry”), on behalf of Moorfield Real Estate Fund IV.
The project has a Gross Development Value of £40m with the development team specifically incentivised to achieve a BREEAM ‘Excellent’ rating. The scheme is on track to be delivered for the 2023 academic year.
It will deliver 282 cluster and studio rooms across nine floors, offering amenity facilities including social, study and gaming spaces as well as indoor and outdoor fitness suites.
The building will include Air Source Heat Pump heating of the hot water system, with zero gas usage, and it will be smart system enabled as well as incorporating a greywater irrigation system and charging points for Electric Vehicles.
Colin Summers of Bidwells said: “The ESG credentials of this scheme are second to none and it will provide Colchester with much needed high specification accommodation for its growing student population. We were delighted to put together two such experienced PBSA investor and developer clients.”
David Sarson, managing director of Melberry Developments, added: “Bidwells’ detailed knowledge of the student market, on both a national and local scale, allowed this project to come together with real confidence. We were in good hands.”
Ross Netherway, head of origination at Moorfield Group, said: “Sustainability sits at the core of Moorfield’s strategy, and this latest student development, working with partners who share our ethos, will be our most environmentally friendly scheme yet. It is well placed to bring together growing consumer and investor interest in the environment and sustainable development.”
Shoosmiths and Bidwells advised Moorfield. Clyde & Co advised Melberry.