Capital Routes

As offices become more operational, how should investors think about cash flow, risk and value?In Episode 5 of Capital Routes: The Jersey Series, Brave Corp CEO, Caleb Parker, sits down with Phil Wood, Founder of Catterson Wood, in Jersey to explore the parallels between Phil’s planned move from luxury residential development into hotels, and the evolution of office real estate.Phil shares why he is drawn to hotels with existing operating income, and how owning a property alongside an operating business changes his approach to development, funding and investor returns.The conversation connects that thinking to offices becoming more operational, examining the role of disciplined underwriting, experienced operators and a clear understanding of how the business generates income.Topics Discussed* How ongoing operating income changes the proposition for investors accustomed to residential development and a return on sale.* Stress-testing occupancy, room rates and capital expenditure before committing to an acquisition.* Bringing operational expertise into design and refurbishment, balancing guest experience with practical requirements behind the scenes.* Demonstrating improved operating performance before seeking to refinance, with the aim of returning investor capital.* How investors’ preferences for regular income or a future sale can shape the funding and ownership strategy.Phil also shares why he sees operational complexity as a potential competitive advantage, and why creating places people want to spend time in is relevant across hotels, residential and office real estate.About Catterson WoodCatterson Wood is a luxury residential developer founded by Phil Wood. The company coordinates and manages the development process, from site identification and acquisition through financing, design, construction, marketing and sales.Learn more about Catterson WoodYour Brand on Season 2 of Capital Routes™Reach the people behind the capital by partnering with us. Get full access to Brave Ideas at www.braveideas.media/subscribe

Capital Routes: The Jersey Series, a Brave Ideas collaboration with PCD GroupIn Episode 4, Brave Corp CEO, Caleb Parker, sits down with with Jeff O’Boyle, Partner in the Property team at Appleby, to explore how legal agreements can define risk, reward and responsibility as offices become more operational.Drawing on his experience in retail and hospitality, Jeff discusses what office investors can learn from turnover rents, management agreements and profit-sharing arrangements.The conversation examines how those structures can support collaboration between landlords and operators, and what investors need to consider when income depends on the performance of the business within a building.Topics Discussed* What retail and hospitality can teach office investors about structuring base rent and variable income.* How profits from amenities could offset service charges or fund building improvements.* Why clear definitions of turnover and profit are central to the agreement.* How to define successful performance through KPIs that can be monitored and audited.* The role of step-in rights, termination provisions and control over operating assets if an operator fails.Jeff also explains why the choice of operator and the mix of occupiers remain fundamental commercial considerations. They discuss the challenge of recognising non-contracted income in valuations, and the importance of robust documentation that investors and lenders can rely on.About ApplebyAppleby’s Property team advises on commercial and residential property transactions, including acquisitions and disposals, leasing, development and property finance.Learn more about Appleby’s Property teamYour Brand on Season 2 of Capital Routes™ Get full access to Brave Ideas at www.braveideas.media/subscribe

How do you bring the right capital into an office project at each stage of its development?In Episode 3, I sat down at the L’Horizon Beach Hotel & Spa in Jersey with Martin Johnson, Chief Operating Officer at Empire Global Finance, in Jersey to explore how the capital stack comes together for operational real estate.Drawing on his experience in banking and finance brokerage, Martin discusses how to match projects with suitable lenders, establish the equity requirement and plan for funding as a building moves from development into stable trading.Topics Discussed* How pre-lets and evidence from existing sites can support a funding proposal.* Matching a project’s location, track record and income mix to lender appetite.* Working out how much equity is needed, when it goes in and how long it may remain invested.* The role of stabilisation debt between practical completion and longer-term lending.* How the cost and availability of debt can change as occupancy and income become established.We also explore why valuation reports can shape the entire financing proposal, and why a valuer’s understanding of the operating model matters when lenders assess the deal.About Empire Global FinanceEmpire Global Finance is an independent finance brokerage helping clients arrange debt, with services including property development finance, commercial mortgages and bridging finance.Learn more about Empire Global FinanceYour Brand on Season 2 of Capital Routes™Reach the people behind the capital by partnering with us. Get full access to Brave Ideas at www.braveideas.media/subscribe

Before committing capital, a lender needs a credible answer to one question:How will they get their money back?In Episode 2 of Capital Routes: The Jersey Series, Brave Corp CEO, Caleb Parker, sits down with with Neil Spacie, Managing Director of Hawk, in Jersey to explore the questions he would ask before backing an operational real estate project.Drawing on his lending experience and Hawk’s family office connections, Neil discusses the credibility of the team, the strength of the equity partners and the resilience of the businesses generating income within a building.Topics Discussed* How lenders assess experienced teams behind new businesses with limited corporate track records.* What happens when several income streams within a mixed-use asset fall at the same time.* Whether equity partners can support a project if performance falls short.* Why a short-term lender needs to understand who could provide the next stage of funding.* Whether an asset retains its value when the original management team steps away.They also explore Neil’s view that uncertainty can create an opening for specialist capital, and what would need to be demonstrated before mainstream lenders become comfortable with the model.About HawkHawk is a Jersey-based specialist lender backed by family capital, providing short-term, real estate-backed lending.Learn more about HawkYour Brand on Season 2 of Capital Routes™Reach the people behind the capital by partnering with us. Get full access to Brave Ideas at www.braveideas.media/subscribe

Jersey brings together an international private wealth industry and a local community of exited entrepreneurs and private high net worth investors.How do those connections translate into real estate opportunities?In our opening episode, I sat down with David Bell of PCD Group in Jersey to explore the people and relationships connecting private wealth with real estate across borders.David describes Jersey’s role as a centre for structuring wealth and investment, and why tangible assets that generate cash flow appeal to the entrepreneurial clients represented by PCD’s members.We discuss:* How advisers and intermediaries connect international investors with opportunities in UK and US real estate.* Why relationships matter when sourcing deals and finding credible investors.* What brought the Brave Ideas and PCD Group communities together as office real estate becomes more operational.* How events and content help professionals build connections across markets.This opening conversation sets the context for the episodes ahead, featuring perspectives from lenders, finance brokers, developers and lawyers.Enjoy!Your Brand on Season 2 of Capital Routes™Reach the people behind the capital by partnering with us.Learn more here: https://bravecorp.co/capitalroutes Get full access to Brave Ideas at www.braveideas.media/subscribe