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UK: Developer McLaren Property has started work on the Summerland Street coliving development in Exeter.
The work was due to start in autumn last year but was delayed after Exeter City Council approved an amendment to the block’s planning consent.
Set over ground and five upper storeys and totalling 58,000 square feet, the all-studio development will provide 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 coliving scheme will be able to accommodate a variety of residents, including private renters and key workers, with a circa 20 per cent 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.
Earlier this year, McLaren secured a £20 million loan from Puma Property Finance to support the delivery of the scheme.
Oliver Westray, development director at McLaren Property, said: “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.”
Highlights:
- Developer McLaren Property has started work on the Summerland Street coliving development in Exeter
- The work was due to start in autumn last year but was delayed after Exeter City Council approved an amendment to the block’s planning consent
- The six-storey scheme will provide 145 coliving studios
- McLaren has secured a £20 million loan from Puma Property Finance to support the delivery of the scheme
