In an exciting development for the UK student accommodation market, Moorfield Group, a prominent UK-focused real estate fund manager, has officially announced a joint venture with Tiger Developments to deliver a new purpose-built student accommodation (PBSA) scheme in Bristol. This ambitious project will feature 204 beds and represents an investment of £60 million. The collaboration marks the first time that Moorfield and Tiger have partnered on a venture, demonstrating their commitment to enhancing the living sector within the UK.
Project Overview
The 204-bed scheme will be co-developed and managed by the joint venture, with funding provided by Moorfield through its latest diversified value-add fund, Moorfield Real Estate Fund V (MREFV). Following the completion of construction, Host, the operational arm and sister company of Tiger Developments, has been appointed to manage the facility. The partnership aims to deliver a high-quality living experience tailored to the needs of students in Bristol.
Significance of the Location
This development is strategically located within Temple Quarter, which is recognised as the UK’s largest regeneration project and one of the most expansive in Europe. Over the next 25 years, Temple Quarter is set to introduce 10,000 new homes and create 22,000 jobs through various science, education, business, and technology facilities, in addition to enhancing public spaces and commercial, leisure, and retail offerings across an impressive 135 hectares.
Proximity to Educational Institutions
The joint venture’s scheme is situated directly opposite the Temple Quarter Enterprise Campus, a £500 million initiative spearheaded by the University of Bristol. This pivotal development is expected to accommodate 4,600 students, alongside 650 staff members and 350 partners across new business schools, research hubs, and innovation centres, further enhancing the educational landscape of the area.
Design and Sustainability Features
The development will be constructed on a brownfield site and will encompass 69 ensuite clusters as well as 135 self-contained studios across four blocks, with heights ranging from six to eight storeys. Designed by Chapman Taylor architects, the project will boast a rich array of amenities and will adhere to high specifications, targeting an Energy Performance Certificate (EPC) A rating and BREEAM Excellent. Additionally, the inclusion of photovoltaic panels and a connection to the local district heating network demonstrates a commitment to sustainability and an environmentally friendly profile.
Market Context and Demand
Bristol stands out as one of the UK’s leading university cities, hosting approximately 60,000 students from The University of Bristol and The University of the West of England. Notably, the student housing market in the city is critically undersupplied, having welcomed around 15,000 new students over the past six years while only managing to develop 2,000 new beds during this period. According to CBRE, the PBSA sector alone faces an unmet demand for over 21,000 student beds, underscoring the urgent need for developments such as the one planned by Moorfield and Tiger.
Track Record of Moorfield Group and Future Plans
Moorfield Group has established a strong reputation in the student housing market, having successfully delivered approximately 5,000 beds through Domain, its purpose-built student accommodation development and operational platform since its inception in 1997. In addition, more than 2,000 beds are currently being aggregated through Moorfield’s strategy to acquire and modernise student Houses in Multiple Occupation (HMOs), further reinforcing their commitment to meeting the needs of students across the UK.
Future Developments in Bristol
Freestone Road will mark the second student accommodation project initiated by Tiger Developments in Bristol, following the approval of its Avon Street scheme in July 2022. This previous project is expected to deliver 447 new bedrooms to support the academic year commencing in 2026/7, significantly contributing to the broader regeneration plans for the St Philip’s Marsh area of Bristol.
Expert Insights
CBRE acted as the advisers for Tiger Developments in this transaction, further emphasising the strategic nature of this partnership. Charles Ferguson-Davie, co-CEO and CIO of Moorfield, articulated the thematic focus of MREFV on Living & Storage real estate, highlighting PBSA as a high-conviction sector. He stated, “We can meet demand for best-in-class accommodation in the UK’s most structurally undersupplied markets.”
John Nesbitt, managing director at Host, expressed enthusiasm about the partnership, stating, “This partnership with Moorfield Group will expedite the delivery of what we believe is one of the most exciting PBSA schemes planned for any UK city. Bristol’s student population is predicted to increase rapidly over the next decade, and this development is much needed, particularly in the context of the emerging and neighbouring Temple Quarter Enterprise.” He added that students will benefit from a safe, stylish, and professionally managed living environment in one of the UK’s most desirable cities for study.
Gwyn Pritchard, Managing Director – Construction at Watkin Jones, also shared his perspective, commenting, “This PBSA scheme at Freestone Road is a standout project, and we’re pleased to be moving into the next phase with the main contract now signed. Watkin Jones is uniquely positioned to diversify in a challenging market, bringing the expertise and capability to support our partners through evolving building safety regulations.” The completion of this development is aimed for the 2027 academic year, further contributing to Bristol’s vibrant student accommodation landscape alongside their successful Gas Lane development.