Real estate fund manager Moorfield Group has completed construction of its £45m Bishop Grosseteste University (BGU) Student Village purpose-built student accommodation (PBSA) scheme in Lincoln.
The development, which took 15 months to build, is ready to welcome students from Bishop Grosseteste University in Lincoln.
BGU Student Village includes 293 townhouses and cluster flats across almost 90,000 sq ft and seven buildings ranging from one to four storeys.
Landscaped gardens and leading sustainability credentials – including a +10% Biodiversity Net Gain – are integrated within the development, which is being delivered as part of an agreement with Melberry Developments. Bowmer and Kirkland had been assigned as contractors throughout the development process.
Moorfield Group has undertaken the investment on behalf of Moorfield Real Estate Fund V (MFREFV) – the latest fund in its flagship value-add series.
“Student housing is a sector of strategic focus for us, with the investment case supported by structural and demographic demand drivers, as well as the undersupply of fit-for-purpose accommodation.
“BGU Student Village will help to plug this gap, with the sector offering those with proven and long-standing expertise the opportunity to fund development and to refurbish existing purpose-built schemes as well as student houses of multiple occupation (HMOs).”
Charles Ferguson-Davie, Co-CEO and Chief Investment Officer, Moorfield Group
In July, Moorfield Group announced that it had successfully raised an initial £330m for MFREFV and its associated co-investment initiatives.
Moorfield’s ‘Hub & Spoke’ strategy is focused on the living and storage sectors, which are both marked by an under-supply of fit-for-purpose product, low levels of institutional ownership and demographically driven tailwinds.
The BGU Student Village has delivered positive social impact, with the local workforce, suppliers, and education providers engaged in the development process.
This included 76 hours of education for local students and 130 weeks’ worth of work experience for architecture students from the University of Lincoln. Bowmer and Kirkland estimates that the social, economic, and local value realised by the scheme’s development amounts to £2.6m.
“After our successful work together on Enso, the completion of BGU represents yet another vindication of the quality of product produced by Moorfield and Melberry’s development partnership.
“With a conscientiously thought-out amenity offering and best-in-class sustainability credentials, the scheme is all set to provide this generation of Lincoln’s students with high-quality accommodation they can be proud to call home throughout their educational journey.”
David Sarson, Managing Director, Melberry Development Management
BGU Student Village is the second PBSA scheme delivered by Moorfield Group and Melberry Developments, following the completion of the 282 bed Enso development in July 2023. Enso achieved a BREEAM Excellent rating and is fully let to students from the University of Colchester.
“We are thrilled to open the Student Village, which will significantly enhance the university experience by fostering a vibrant and supportive community close to our campus. This development is a key part of BGU’s broader growth plan, complementing our existing on-campus accommodation. It’s wonderful to see it all come together, ready to welcome our students to their new homes very soon.”
Dr. Tracy Borman, Chancellor, Bishop Grosseteste University
Moorfield Group’s other residential strategies include multifamily Build to Rent housing, which it re-entered this year through a recent £120m GDV forward-funding deal in Manchester, co-living, retirement living, and nursing/care homes.
