Set over six storeys and totalling 58,000 sq ft, the development will provide co-working areas, lounges, private dining, a gym and a rooftop terrace.

Located on Summerland Street in the north-east of Exeter city centre, the co-living scheme will accommodate private renters and key workers, with a circa 20% affordable provision prioritising the latter.

Sustainability measures will target EPC A and BREEAM Excellent with PV panels, air source heat pumps, mechanical ventilation with heat recovery and 74 cycle spaces.

Construction is expected to commence in early 2026.

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Oliver Westray, development director at 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.

“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.

“We look forward to working with McLaren on this scheme and in the future.”