deck

2. Pitch Deck (15 slides)

Slide 1 - Cover (LAVisions layout)layout: title_hero · 16:9
Kestrel Wharf
A 420-bed student scheme in Bristol's Floating Harbour.
Slide 2 - Problem (LAVisions layout)layout: problem_split · 16:9
the problem
Bristol has far more students than purpose-built beds
01
Demand keeps arriving
Bristol's two universities keep growing their intake, and most full-time students want a modern, managed room. The city has not built enough of them.
02
Supply runs the other way
Purpose-built beds cover only a fraction of full-time students. The rest compete for tired shared houses in the private rented sector.
03
No modern harbourside product
A student who wants a well-run room by the water has almost nowhere to go. They settle for an HMO or an ageing hall.
~65% pre-let
A 25-year University of Bristol nomination underwrites about 273 of the 420 beds before a brick is laid.
Income secured
Slide 3 - Solution (LAVisions layout)layout: solution_image_left · 16:9
the solution
420 beds on a Floating Harbour plot
A contemporary brick-and-bronze block on the water, with cluster ensuite rooms and studios, shared kitchens, study lounges, a gym and a resident courtyard. 420 beds priced to a £78.0M gross development value at a 5.5% stabilised yield.
Slide 4 - Product (LAVisions layout)layout: product_split · 16:9
the product
One building, three room types
01
Cluster ensuite carries the plan
288 cluster ensuite beds in shared flats at £245 a week. This is the stock the 25-year nomination pre-lets, close to half the income.
02
Large ensuite for the premium tier
72 large ensuite beds at £290 a week, for returning and international students who want more room.
03
Studios set the top
60 self-contained studios at £365 a week, the highest rent per bed and the strongest direct-let demand.
420 beds, £4.3M of stabilised net income, blended near £270 a bed a week.
Slide 5 - How it Works (LAVisions layout)layout: how_it_works · 16:9
How it gets built and let
From close to stabilised in 33 months
Step 01
Close and enable
Months 0 to 4. Land closes, conditions discharge, enabling works start and the forward-funding facility begins to draw.
Step 02
Build
Months 4 to 28. A 24-month main contract on a fixed price with a 5 percent contingency, drawn monthly.
Step 03
Fit-out and handover
Months 28 to 30. FF&E, commissioning and practical completion, ready for the academic year.
Step 04
Lease-up and stabilise
Months 30 to 33. The nomination beds fill on day one; direct-let studios and ensuites lease to the first intake at 97% occupancy.
Step 05
Refinance or forward-sale
Month 33 on. Refinance into investment debt to release ~£8M and hold the income, or exercise the forward-sale at a 4.75% cap.
One programme, pre-let ahead of delivery, two ways out at the end.
Slide 6 - Value Proposition (LAVisions layout)layout: value_prop · 16:9
Positioning
How a Bristol student lives today
Current Solutions
Shared houses (HMOs)
  • Old private stock
  • Tired, unmanaged
  • Scattered across the city
  • No amenity or security
University halls
  • Ageing and limited
  • First-years only
  • Long waiting lists
  • Most beds are here
Generic new PBSA
  • Standard rooms
  • Off-pitch locations
  • No waterfront
  • Little differentiation
  • 420 managed beds, harbourside
  • On the water, walk to campus
  • Modern rooms, real amenity
  • 65% pre-let on a 25-year nomination
A managed, modern room by the water, income secured before it opens. Kestrel fills the gap.
Slide 7 - Features (LAVisions layout)layout: product_split · 16:9
Specification and amenity
Built to an institutional standard
01
Well-designed rooms
Cluster ensuites and studios with proper study desks, generous storage and full ensuite bathrooms, above the Bristol average.
02
Shared amenity that lets
Study lounges, a gym, social kitchens, a cinema room and a landscaped courtyard: the amenity students and nomination partners expect.
03
Managed and secure
A staffed reception, 24-hour security, CCTV and full-time management by an established PBSA operator. Parents pay for peace of mind.
04
Sustainable and efficient
Targeting BREEAM Excellent with an efficient envelope, low running costs and an all-electric plant. Lower bills, lower carbon.
05
A real harbourside address
On the Floating Harbour, a short walk to both universities and the city centre. Waterfront, walkable, where students want to be.
Location and timing
Bristol is one of the UK's tightest student markets
01
Student numbers keep rising
The University of Bristol and UWE together enrol tens of thousands of full-time students, and both are growing. Demand lands hardest on the beds nearest the water and the centre.
02
Purpose-built supply is short
Bristol has one of the largest gaps between full-time students and purpose-built beds of any major UK city. New consented sites are scarce.
03
The harbourside arrived
Bristol's Floating Harbour has gone from working docks to the city's most desirable quarter, with offices, culture and waterside life. Rents follow that shift.
Demand and income
A supply gap, underwritten by a university
TAMSAMSOM
65%Pre-let on a nomination
25-year University of Bristol agreement
About 273 of the 420 beds are committed on an RPI-linked, void-free nomination for 25 years. The income is secured before completion.
£270/wkBlended rent per bed
420 beds across cluster ensuite, large ensuite and studios
Direct-let studios and ensuites clear a premium to the nomination rent, so the blend rises as the scheme leases. Room to hold or grow income.
£78.0MGross development value
£4.3M of stabilised net income at a 5.5% yield
420 beds, £4.3M of net operating income, capitalised at 5.5% to a £78.0M value.
Slide 9 - Business Model (LAVisions layout)layout: business_model · 16:9
business model
£20.0M profit on £58.0M of cost
Main income
Where the money goes
Total development cost is £58.0M: £14.0M land, £40.0M construction and soft costs, and £4.0M of finance. Against a £78.0M gross development value, that leaves £20.0M of profit.
Unit economics
Margin that carries risk
Profit runs at 34.5% on cost and 25.6% on value, and the scheme is built at a 7.4% yield on cost against a 4.75% exit cap. That spread absorbs a slower lease-up or softer rents before investor capital is touched.
Slide 10 - Go To Market (LAVisions layout)layout: product_split · 16:9
Leasing and absorption
Pre-let first, then direct-let on delivery
01
University nomination
A 25-year University of Bristol agreement takes ~273 beds on day one, void-free and RPI-linked. The income floor is set before letting starts.
02
Established operator
A national PBSA operator runs reception, management and the letting platform on a fixed fee, with a track record across UK cities.
03
Direct-let studios and ensuites
The remaining beds let directly to returning, postgraduate and international students at a premium to the nomination rent.
04
Digital and agent channels
The operator's platform, university accommodation offices and student portals carry the direct-let rooms. Steady demand each cycle.
05
Stabilised for the academic year
The building opens for the September intake and stabilises in its first year at 97% occupancy.
Slide 11 - Team (LAVisions layout)layout: team_grid · 16:9
The development team
Built by people who have delivered UK student housing
Ellis Barmore
Managing Partner, Sponsor
Twenty years developing UK residential and student schemes. Delivered more than 3,000 purpose-built beds across Bristol, Cardiff and the South West, on budget and let.
Nadia Okafor Development Director Runs planning, budget and programme. Fifteen years managing ground-up residential and PBSA from land close to handover. Sedgwick Construction Main Contractor
Sponsor and delivery team
  • South West mid-rise builder with a full book of student and residential schemes. Building Kestrel on a fixed-price contract with a 5 percent contingency.
  • Halden Studio
  • Architect
  • Bristol practice known for waterfront brick-and-metal buildings. Designed the scheme to fit the wharf and the harbour setting.
  • Scholar Living
Slide 12 - Competitive Advantage (LAVisions layout)layout: competitive_matrix · 16:9
Why Kestrel wins
A harbourside plot and a pre-let others cannot copy
The open space is managed, waterfront, income-secured
01
A secured Floating Harbour plot with planning in hand. Consented waterfront sites at this scale are scarce and slow to assemble.
02
A 25-year university nomination pre-lets ~65% of beds. The income is underwritten where competitors carry full letting risk.
03
A forward-sale option at a 4.75% cap sets a ~£90M floor under the exit. Two ways out, not one.
04
A team that has delivered UK student beds before, on a fixed-price build with an established operator.
Nomination-backed
Harbourside amenity
Old HMOs
University halls
Generic PBSA
Kestrel Wharf
Slide 13 - Roadmap (LAVisions layout)layout: roadmap_3phase · 16:9
Programme
33 months, one equity raise
2026
Phase 1
Start on site
Land closes, month 0
Conditions discharged, month 3
Enabling works begin, month 4
Forward-funding draws begin, month 4
Nomination agreement signed, month 6
2027
Phase 2
Build
Superstructure to topping-out
Interior fit-out begins
~65% pre-let on the nomination
£23.2M LP equity fully drawn
Senior loan at peak, £34.8M
2028
Phase 3
Complete and stabilise
Practical completion, month 30
Lease-up, months 30 to 33
Stabilised by month 33
£4.3M of stabilised income
Refinance releases ~£8M, or forward-sale at £90M
Slide 14 - Forecast (LAVisions layout)layout: forecast_kpi_chart · 16:9
Development cashflow
The 33-month picture
Gross Dev Value£78.0Mon completion
Total Dev Cost£58.0Mland, build & fees
Peak Equity£23.2Mpeak drawn
Development Profit£20.0Mat sell-out
Costs draw first: land at close, then construction through month 28. Income begins at lease-up, so peak equity of £23.2M sits in the ground before the scheme stabilises. Stabilisation supports a £78.0M value and leaves £20.0M of profit.
Slide 15 - Ask (LAVisions layout)layout: ask_kpi_charts · 16:9
The ask
£34.8M of debt and £23.2M of equity into pre-let demand
Debt£34.8MSenior debt · 60% LTC · 44.6% LTGDV
Equity£23.2MLP equity · ~18% net IRR · 1.8x
Term33 monthsFirst charge, repaid at refinance or forward-sale
Use of funds · %
Cost allocation