A 420-bed student scheme on Bristol's Floating Harbour
Financial Highlights
Gross dev value£78.0MStabilised at 5.5%
Land / site value£14.0MHarbourside plot secured
Total project cost£58.0MLand, build, finance
Finance / interest£4.0MRolled up at 7.5%
Development profit£20.0M34.5% on cost · 25.6% on GDV
Sources of Funds
Debt 60%
Equity 40%
Senior development loan£34.8M
LP equity£23.2M
Single LP tranche · 60% LTC · 44.6% LTGDV · 8% pref then 70/30
The Ask
Loan application£34.8MSenior development loan60% LTC · 44.6% LTGDV · 33-month term · first charge · repaid at refinance or forward-sale
Investment memorandum£23.2MLP equity~18% net IRR · 1.8x · 8% pref, then 70/30
De-risked exit£90MForward-sale floor at 4.75%A 25-year University of Bristol nomination pre-lets ~65% of beds; an institutional forward-sale option at a 4.75% cap sets a ~£90M floor under the exit.