gtm_report

6.2 Channels

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Kestrel Wharf
Leasing & Operations
How every bed gets let.
Leasing Strategy University nomination, operator direct-let, digital reach
Channel 1 A 25-year University of Bristol nomination fills the core beds on day one
Channel 2 An established PBSA operator runs the direct-let platform and reception
Channel 3 University offices, agents and student portals reach the direct-let tail
Leasing Funnel Enquiry to viewing to booking to move-in
Per-Bed Economics Operating cost runs about £3,200 per bed against £10,200 of net income per bed
Bed Demand Nomination, operator platform, university referrals Covenant-backed beds from a 25-year University of Bristol nomination
University nomination A 25-year agreement fills ~273 beds on day one, void-free
Operator direct-let platform A national PBSA operator markets the studios and ensuites year-round
University accommodation offices Both universities signpost students to approved schemes like Kestrel
Student portals and search StudentCrowd, student listing portals and paid search reach direct-let students
Agent and international channels Education agents and international-student services fill the premium studios
Nomination, operator and referrals fill the building The University of Bristol nomination alone commits ~65% of beds; the operator's platform and the universities' own offices reach the remaining 147 direct-let rooms into a supply-short market.
Leasing Delivery Nomination first, priority re-bookings, operator marketing The nomination and a re-booking programme hold occupancy high
University nomination The nomination takes the core beds each year on a fixed, RPI-linked rent
Priority re-booking Returning students re-book their rooms before general release each cycle
Operator marketing The operator runs the summer letting campaign across all direct-let beds
Open days and viewings On-site viewings and university open days capture direct demand
Room and tenancy options Flexible tenancy lengths and premium studios lift both rent and take-up
Nomination, re-bookings and operator marketing fill the beds The nomination underwrites ~273 beds for 25 years, and the operator targets full occupancy on the ~147 direct-let beds each cycle in a market short of managed rooms.
Leasing Delivery Strategy Nomination-anchored, operator-run, university-fed
Channel 1 The 25-year nomination as the anchor tenancy
Channel 2 Operator platform for the direct-let beds
Channel 3 University offices at low marginal cost
Key Metrics Beds let, occupancy, re-booking rate, rent per bed
Delivery Strategy Nomination first, then the operator platform, then university and digital at scale
Student Segments Three students, three reasons to book, one address
The first-year via nomination
Demographics 18 to 20, first year at the University of Bristol, placed via the nomination Motivation Wants a managed, secure room near campus, rent set by the university Discovery University accommodation office, nomination Priorities Safety, location, all-inclusive rent Budget A £245/wk cluster ensuite
The returning or postgraduate student
Demographics 21 to 25, returning undergraduate or postgraduate, books directly Motivation Wants a quiet ensuite or studio near campus and the harbour Discovery Operator platform, re-booking, word of mouth Priorities Study space, ensuite, community Budget A £290/wk large ensuite
The international or premium student
Demographics Any year, international or premium, books early and often sight-unseen Motivation Wants a self-contained studio with everything included Discovery Education agent, operator site, university office Priorities Privacy, all-inclusive, flexible tenancy Budget A £365/wk studio
Channels & PartnersOperator platform, university partners, community
DirectOn-site operator team and viewings for booked students
UniversityUniversity nomination and accommodation-office referrals
CommunityOpen days, welcome events and community partnerships
Channel StrategyNomination 65%, operator direct-let 25 to 30%, university referral 5 to 10%, digital 5%
Strategic PartnersThe two universities, education agents, student unions and international offices
Leasing KPIs & Occupancy 273 beds pre-let on the nomination, full stabilisation by month 33
Occupancy KPIs
Nomination Pre-Let About 147 direct-let beds filled through the first cycle
Cumulative Occupancy 273 nomination beds from day one, all 420 let by month 33
Rent Growth RPI-linked uplifts on the nomination, market growth on direct-let
Per-Bed Economics
Operating Cost per Bed £3,200 operating cost per bed
Net Income per Bed £10,200 net income per bed
Income : Cost 3.2:1 income to operating cost
Recovery Covered by the nomination alone
Product Managed beds across three room types
Rents £245, £290 and £365 a week
Margin 25.6% margin on GDV, 34.5% on cost
Break-Even Senior debt repaid at refinance
Key Takeaway A 25-year nomination and an operator platform filling the beds
Operating Cost per Bed £3,200
Net Income per Bed £10,200
Income to Cost 3.2 : 1
By Stabilisation 273 beds pre-let for 25 years and ~65% of income secured before letting, with the operator filling the direct-let beds at low marginal cost