competitors_report

6.3 Competitors

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Kestrel Wharf
Comparable Assets
the Floating Harbour pipeline, and where Kestrel sits.
CO 01 / 09
Our Position
The waterfront, nomination-backed position no comparable scheme fully holds
Waterfront beds with a 25-year university nomination, priced on committed income, walkable to both campuses and the station.
01
420 managed beds on the Floating Harbour, not an off-pitch block
02
A ~5.5% development yield against a 4.75% institutional exit cap
03
Walk to both universities and Temple Meads, on the water
04
A sponsor and operator with delivered Bristol PBSA behind them
Yield / £ per bed
Covenant and location
Temple Quarter
Harbourside Halls
Kingsdown Court
Kestrel Wharf
CO 02 / 09
Market Insight New PBSA in Bristol falls between three kinds of scheme. Temple Quarter is an older converted block near Temple Meads, priced for the value end and off the water. Harbourside Halls is a premium waterfront scheme forward-sold to an institution at the top of the market. Kingsdown Court is a modern cluster-and-studio building close to Kestrel on scale. None of them combines a waterfront address with a 25-year university nomination.
Comparable Schemes Temple Quarter (converted PBSA near Temple Meads, ~5.4% yield), Harbourside Halls (premium waterfront, ~4.6% yield) and Kingsdown Court (modern cluster-and-studio, ~4.9% yield)
Indirect Competition Older converted halls, private shared houses (HMOs), and university-owned first-year stock
Student Alternatives Renting a shared house nearby, staying in an ageing hall, or commuting from cheaper suburbs
CO 03 / 09
Comparable 1
Temple Quarter An older converted block, value pricing off the water A converted PBSA scheme near Temple Meads, at the value end of the Bristol market. Standard rooms, an ageing fit-out and an off-water location. Traded around a 5.4% yield, roughly £158,000 a bed, priced to move rather than to lead the market.

Specification

Converted cluster rooms and studios
Standard, ageing finishes
Limited shared amenity
No waterfront, a walk from campus
Traded around a 5.4% yield

Strengths

An accessible price point
An established rental history
Close to Temple Meads station
Value rents for budget students
Steady demand at the value end
Comparable scheme, Temple Quarter | agent evidence, 2025
CO 04 / 09
Comparable 2
Harbourside Halls A premium waterfront scheme, the market ceiling A premium purpose-built scheme on the Floating Harbour, forward-sold to an institution in 2024 at the top of the Bristol market. Modern rooms and full amenity, around a 4.6% yield and roughly £198,000 a bed. Waterfront and well-let, but without a long university nomination behind it.

Specification

Modern ensuites and studios
Full amenity and management
Study lounges, gym and social space
Waterfront on the Floating Harbour
Forward-sold around a 4.6% yield

Strengths

A premium waterfront address
The highest rents in the comp set
Institutional-quality management
Strong direct-let demand
A recent institutional sale to price against
Comparable scheme, Harbourside Halls | agent evidence, 2024
CO 05 / 09
Comparable 3
Kingsdown Court A modern cluster-and-studio scheme, the closest match A modern purpose-built building of cluster ensuites and studios, sold in 2023 around a 4.9% yield and roughly £182,000 a bed. The closest comparable to Kestrel on scale, mix and quality, though set back from the water and without a nomination covenant.

Specification

Cluster ensuites and studios
Modern, well-specified rooms
Gym, study space and courtyard
Managed by a national operator
Sold around a 4.9% yield

Strengths

A modern, well-let scheme
The closest match to Kestrel on mix
A strong direct-let record
Professional management in place
A clean recent comparable sale
Comparable scheme, Kingsdown Court | agent evidence, 2023
CO 06 / 09
Scheme Comparison Scheme Comparison
Feature Kestrel Wharf Temple Quarter Harbourside Halls Kingsdown Court
Yield and positioning Waterfront, nomination-backed, ~5.5% dev yield Value end, ~5.4% yield Premium waterfront, ~4.6% yield Modern cluster-and-studio, ~4.9% yield
Scheme scale and mix 420 beds, cluster ensuite to studio Converted, compact rooms Premium ensuites and studios Modern cluster-and-studio
Income security 25-year university nomination on ~65% Direct-let only Direct-let only Direct-let only
Location Floating Harbour, walk to both campuses Near Temple Meads, off water Floating Harbour waterfront Set back from the water
Specification Modern rooms, full amenity, BREEAM Excellent Ageing, standard finishes Modern, premium finishes Modern, well-specified
Management and operator National PBSA operator, staffed reception Basic management Institutional operator National operator
CO 07 / 09
Scheme Analysis Kestrel Wharf holds the waterfront, nomination-backed position the three comparable schemes do not fully cover. Kestrel Wharf sits in the waterfront, nomination-backed spot none of the three comparable schemes holds. Temple Quarter sells value off the water, Harbourside Halls sells premium waterfront without a long covenant, Kingsdown Court sells a modern scheme set back from the harbour. A waterfront address, a 25-year university nomination, an entitled site and a delivered-scheme sponsor set Kestrel apart while purpose-built supply stays tight.

Key Differentiators

A waterfront address with a 25-year university nomination, priced on committed income
A ~5.5% development yield against recent Bristol sales at 4.5% to 5.4%, with an entitled site and a delivered-scheme sponsor
Walkable to both universities and Temple Meads, on the Floating Harbour

What It Means

Let the nomination beds on day one before more Bristol PBSA completes
Compete on covenant and location, not on price against the value end
Hold value through committed income rather than discounting to fill beds
CO 08 / 09
References

Comparable Schemes

Temple Quarter Temple Quarter (Bristol) | agent evidence, 2025
Harbourside Halls Harbourside Halls (Bristol) | agent evidence, 2024
Kingsdown Court Kingsdown Court (Bristol) | agent evidence, 2023

Market Sources

Bristol PBSA has traded at 4.5% to 5.4% yields, 2025 | agent comparables
Bristol full-time student numbers keep rising, 2025 | HESA
Purpose-built bed supply runs below full-time student demand, 2025 | Bristol City Council
CO 09 / 09