McLaren Property secures £20m Puma loan for Exeter co-living development

McLaren Property has secured a £20 million development loan from Puma Property Finance to support delivery of a 145-studio co-living scheme in Exeter city centre.

The funding will enable construction of the 58,000 sq ft scheme on Summerland Street, located in the northeast of Exeter city centre. Set across ground and five upper storeys, the development will provide an all-studio offering designed to accommodate a range of residents, including private renters and key workers. Around 20% of the homes will be delivered as affordable provision, prioritising key workers.

The scheme will incorporate a range of amenity space aimed at creating a premium co-living environment. Facilities will include coworking areas, lounges, a content room, snug, private dining areas, gym, wellness studio and a rooftop terrace with kitchen diner.

Sustainability measures form a core part of the development strategy. The building is targeting EPC A and BREEAM Excellent ratings, supported by photovoltaic panels, air source heat pumps, mechanical ventilation with heat recovery and provision for 74 cycle spaces.

Construction is expected to commence in early 2026.

The transaction marks the first partnership between McLaren Property and Puma Property Finance. Puma said the scheme aligns with its strategy of backing experienced sponsors to deliver sustainable living spaces across the UK.

McLaren Property has delivered more than 8,300 purpose-built student accommodation beds to date. Across its Property, Living and Regeneration divisions, the group has a combined pipeline of £4.8 billion across 41 sites, totalling 17,500 homes.

Oliver Westray, development director at McLaren Property, said the Exeter scheme would deliver a sustainable, amenity-rich product suited to the evolving needs of renters in the city. He added that Puma’s collaborative approach and understanding of the living sector had been evident throughout the funding process.

Kent Lawrence, senior manager at Puma Property Finance, said the scheme’s ESG credentials, flexible occupancy profile and central location created a compelling proposition, reinforcing the lender’s focus on supporting sustainable living developments.