Savills, on behalf of Curlew Capital, has launched a 361 bed co-living opportunity with an estimated gross development value of £84 million to the development market in Exeter city centre.
Located on the site of The Harlequin Centre, a former shopping centre, the 1.76-acre brownfield opportunity benefits from planning permission for a purpose-built co-living development across two buildings, including 313 studios and eight cluster flats providing 48 additional bedrooms.
The site occupies a prime location on Paul Street, close to the High Street and equidistant between the University of Exeter's Streatham and St Luke's campuses. It is 0.2 miles from Exeter Central Station and within easy reach of the city's retail, leisure and cultural amenities.
The consented scheme includes a range of resident-focused amenities, including communal lounges, co-working space, a wellness suite and gym facilities, reflecting growing demand for flexible, professionally managed living environments. The site also retains two operational retail units fronting Queen Street, currently generating approximately £40,500 per annum in rental income.
Curlew Capital submitted planning proposals in 2021 and subsequently agreed a deed of variation with Exeter City Council that replaces on-site affordable housing provision with a £2 million off-site contribution.
Curlew Capital, which has acquired or developed more than 11,000 beds across 36 living-sector schemes since inception, is willing to work alongside an incoming purchaser as development manager, asset manager or operational partner to support the successful delivery and long-term performance of the scheme.
The University of Exeter is a prestigious Russell Group university, with circa 29,000 full-time students. The university has proved attractive to domestic and international students, with full-time student population increasing by circa 5% per annum in the past 10 years.
Rhiannon Wicks, Associate in the Exeter Development Team at Savills, said:
"The Harlequin Centre offers a rare chance to acquire a consented development site in the heart of Exeter city centre. Exeter's continued population and student growth, combined with a constrained accommodation supply pipeline, underpin the site's strong appeal to investors and developers."
Savills is seeking unconditional offers for the Long Leasehold interest of the site, subject to contract. The deadline for bids is 17 September. For more information view the listing information here.