Smart Deck Confidential
Floating Harbour · Bristol

Kestrel Wharf

A 420-bed student scheme on Bristol's Floating Harbour

Financial Highlights
Gross dev value £78.0M Stabilised at 5.5%
Land / site value £14.0M Harbourside plot secured
Total project cost £58.0M Land, build, finance
Finance / interest £4.0M Rolled up at 7.5%
Development profit £20.0M 34.5% 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 £34.8M Senior development loan 60% LTC · 44.6% LTGDV · 33-month term · first charge · repaid at refinance or forward-sale
Investment memorandum £23.2M LP equity ~18% net IRR · 1.8x · 8% pref, then 70/30
De-risked exit £90M Forward-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.