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£20m loan for a 145 studio co-living scheme in Exeter city centre
Southwest England
LOCATION
Student accommodation
SECTOR
Development loan
LOAN TYPE
Overview
A £20 million loan provided to McLaren Property, the leading residential and student accommodation developer, 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 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 ratings 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.