iQ buys Sheffield student scheme

Moorfield Real Estate Fund III has sold a student housing scheme in Sheffield to iQ Student Accommodation. 

Century Square comprises 305 units, a mix of studios, ‘twodios’ and multi-bedroom apartments, alongside communal facilities.

Moorfield bought the site, which is located close to the University of Sheffield campus, in 2015 and developed Century Square in partnership with Worthington Properties. 

The development opened in 2016 and Moorfield achieved full occupation.

Charles Ferguson-Davie, chief investment officer at Moorfield, said: “We identified the student market in Sheffield as having attractive supply and demand dynamics and we are proud to have developed such a successful scheme that is so popular with the students. 

“We had planned to hold the investment for longer but the off market approach from iQ resulted in an early realisation of our business plan.

“Moorfield has now developed and operated some 5,000 student beds and we will continue to look for investment opportunities in the sector, as well as adding to our investments in the build to rent sector, which now comprises a platform of some 1,300 beds across five schemes.”

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