Case Studies

Full underwrites of the properties I've modelled. Each write-up shows the reasoning behind the numbers.

Ebb & Flow residents' courtyard at Station Hill, Reading Ebb & Flow streetscape at Station Hill, Reading
August 21, 2026
Residential BTR · Deal Underwrite

Ebb & Flow, Reading

A 598-unit premium build-to-rent scheme at the heart of the Station Hill regeneration, underwritten from PIC's perspective as an unlevered 10-year hold. The deal prices at a 4.25% entry yield and clears a 6.28% unlevered IRR, landing within 7-11.75% of the reported purchase price.

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Aerial view of Monkton Park industrial estate, Farnham Unit 4 exterior, Monkton Park
August 6, 2026
Industrial · Deal Underwrite

Unit 4, Monkton Park, Farnham

A single vacant industrial unit near Farnham, underwritten with a VOA-scaling ERV methodology, a 6.50% entry yield and seven years of lease, debt and exit assumptions. The deal returns an unlevered IRR of 5.88%, and I back-solve the price that would make it work at fund-level returns.

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