Developer secures £20m funding for Exeter co-living scheme

The scheme will accommodate a variety of residents, including private renters and key workers. Approximately 20% of the affordable provision will be prioritised for key workers.

Sustainability measures will also target an Energy Performance Certificate (EPC) A rating and a Building Research Establishment Environmental Assessment Method (BREEAM) ‘excellent’ rating, through installed photovoltaic panels, air-source heat pumps, mechanical ventilation with heat recovery and 74 cycle spaces.

Construction is expected to begin in early 2026.

McLaren Property specialises in developing purpose-built student accommodation (PBSA) and mixed-use commercial developments, with £1.5bn in development and 8,300 beds.

Its projects are in London, Birmingham, Liverpool, Oxford, Cambridge, Bristol, Brighton and Bournemouth – with plans to invest in other UK cities.

McLaren Property, Living and Regeneration have a combined pipeline of £4.8bn across 41 sites, totalling 17,500 homes.

Puma Property Finance provides funding to property professionals in the UK, with a track record in supporting the living sectors. The loans it provides range from £10m to £100m, with the potential to lend more by exception.

Oliver Westray, development director at McLaren Property, said: “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.”

Earlier this month, an analysis found that more than 10,000 co-living homes are now in London’s planning pipeline, signalling that the nascent rental tenure has entered a “more established phase”. The research showed that a total of 26 applications for co-living schemes of 30 homes or more were submitted to London boroughs in 2025, totalling more than 10,000 co-living homes.

In January, plans were submitted for Bath’s first wholly co-living scheme, with 272 homes located to the west of the city centre.