McLaren Property, the leading residential and student accommodation developer has secured a £20 million loan provided by Puma Property Finance (“Puma”) to support the delivery of a 145 studio co living scheme in Exeter City Centre.

Set over ground and five upper storeys and totalling 58,000 sq. ft., the all studio development will provide class leading amenity space, including coworking areas, lounges, content room, snug, private dining, gym, wellness studio, and a rooftop terrace with kitchen diner.

Located on Summerland Street, in the northeast of Exeter City Centre, the co-living scheme will be able to accommodate a variety of residents, including private renters and key workers, with a circa 20% affordable provision prioritising the latter. Sustainability measures will target EPC A and BREEAM Excellent through initiatives such as PV panels, air source heat pumps, mechanical ventilation with heat recovery and the provision of 74 cycle spaces.

Construction is expected to commence in early 2026.

This is the first partnership between Puma Property Finance and McLaren Property, a leading developer with a strong track record of delivering more than 8,300 PBSA beds to date, with McLaren Property, Living and Regeneration having a combined pipeline of £4.8bn across 41 sites, totalling 17,500 homes.

Oliver Westray, Development Director, McLaren Property, commented:

“We are thrilled to be partnering with Puma Property Finance for the first time on this exciting co-living development in the heart of Exeter. Their understanding of the living sector and pragmatic, collaborative approach has been evident throughout the process.
“Exeter is a compelling market for high-quality co-living, and this development will deliver a sustainable, amenity-rich product that meets the needs of today’s renters. We look forward to delivering the scheme together and to building a strong relationship with Puma going forward.”

Kent Lawrence, Senior Manager at Puma Property Finance, added:

“We are delighted to be supporting McLaren Property on this high quality, amenity rich co living development. The scheme’s strong ESG credentials, flexible occupancy profile and city centre location combine to create a compelling proposition. It aligns perfectly with our strategy of backing experienced sponsors to deliver sustainable living spaces across the UK.
“We look forward to working with McLaren on this scheme and in the future.”