Exeter

Exeter One is situated in the heart of Exeter's vibrant student life. Offering charming and comfortable student accommodation within a community-focused living experience. The property is conveniently located near the university, dining, shopping and nightlife.

Aerial view of a residential area with multiple apartment buildings next to a railway track and a river, surrounded by trees and greenery.
Modern three-story building with white and red brick exterior labeled 'Exeter One' on the red brick section, under a blue sky with a few clouds.
Modern three-story building with light brick and white exterior walls, large windows, and a glass corner section with metal framing, surrounded by green trees and plants under an overcast sky.
Three-story modern building with a brick lower half and white upper half, featuring multiple windows and a small entrance canopy, surrounded by greenery and a partly cloudy blue sky.

Investment Summary

Freehold

This property is freehold in title.

Unit Mix

219 bed spaces, comprising 49% studios and 51% en suite clusters.

Amenities

Lounge space and cycle storage.

Location

The University of Exeter, a member of the Russell Group, is a 10-minute cycle.

Property Description

Exeter One was built in 2010. The asset provides 219 bed spaces arranged as 112 en suite cluster bedrooms and 107 studios. Amenities include lounge spaces, cycle storage and laundry facilities.

Modern kitchen with wooden cabinets, black tiled backsplash, a black countertop with four black bar stools, a microwave, refrigerator, and glass door leading outside.
Small bedroom with a gray metal bedframe, gray quilted bedspread, two black and white patterned pillows, a wooden tray holding a mug and open book, a window with blue blinds, a wooden desk with a laptop, lamp, and plant, a black chair with a beige pillow, and wooden wardrobe and shelves.
Bright recreational room with a black pool table and colored balls, surrounded by yellow and black seating booths and white tables with chairs, lit by large windows with vertical blinds.
Modern three-story building with white and red brick exterior walls labeled 'Exeter One' under a bright blue sky with some clouds.

Hear from Rajat

“The location to campus is so close

and also into town which makes it

easy to explore an get to know Exeter.”

Smiling man with short black hair and a beard, wearing a dark shirt, looking towards the right.Circular logo with a thin black outline on a light green background, featuring a simple black line drawing of a suspension bridge in the center, surrounded by the text 'Exeter One, Devon The Collection' in uppercase letters around the circle's perimeter.

Reversionary
Potential

A variety of value-add opportunities have been identified and can be undertaken at Exeter One to drive rental reversion and asset performance: 

- Removing the bike sheds within external areas between each block and replace with modular pod systems. There is space for up to three, which can have a variety of outdoor amenity uses. Homes for Students estimate that this could result in a reversion to all rooms of an additional £5 per week. 
‍
- Kitchen upgrades to the Super Deluxe studios. Homes for Students estimate that this could result in a reversion to this room category of £15 per week. 

- Kitchen upgrades to the Deluxe studios. Homes for Students estimate that this could result in a reversion to this room category of £15 per week. 

- Kitchen upgrades to the Premium studios. Homes for Students estimate that this could result in a reversion to this room category of £10 per week. 

- Kitchen upgrades to all cluster kitchens. Homes for Students estimate that this could result in a reversion to this room category of £5 per week. 

A full Homes for Students reversionary operational forecast can be found in the data room.

Access Data Room
Interior of kitchen

Market Commentary

Supply

Exeter's Purpose-Built Student Accommodation (PBSA) market comprises approximately 12,500 beds, split between university-owned and private sector beds. The university-owned facilities currently provide around 6,000 beds. Private developers delivered the remaining 6,500 beds.

Five young adults walking on a city sidewalk beside a red brick building, chatting and smiling on a clear day.
Pipeline

If all private-sector PBSA beds are successfully delivered through the current supply pipeline, there would be an increase of just 565 PBSA beds in Exeter. This would still equate to a PBSA student-to-bed ratio of 2.97x.

Demand

The Higher Education Statistics Agency (HESA) reports that the University of Exeter has a student enrolment of approximately 32,365. With a combined PBSA capacity of only about 12,500 beds, this leaves a considerable shortfall, as approximately 61% of students lack access to either university-owned or privately managed PBSA.

Two young students walking outside a school building, smiling and carrying notebooks and backpacks, a young woman in a yellow jacket and a young man in a gray sweater.
32,365

Total Students

24,330

Domestic Students

8,135

International Students

Universities

Universities in Exeter, such as the University of Exeter, are renowned for their strong academic programmes and research excellence, consistently ranking among the top institutions in the UK. The campuses are beautifully integrated with the city's historic charm and scenic landscapes, providing a picturesque and inspiring environment for students.

The lifestyle of
Exeter

Exeter, a historic city in Devon, is known for its picturesque landscapes, rich history and vibrant student life. Home to the University of Exeter, one of the UK’s top universities, the city offers an ideal environment for academic growth, social engagement and personal development.

Cafés and Dining

Exeter has a thriving café culture. Cafés like The Glorious Art House and The Plant Café offer cozy environments perfect for studying or meeting friends. The city's dining scene is equally impressive, with a variety of restaurants offering cuisine from around the world. Students can enjoy everything from traditional British fare at Harry's Restaurant to exotic flavours at Al Farid and Red Panda.

Staying active

Exeter’s surrounding natural beauty provides numerous recreational opportunities. Dartmoor National Park, just a short drive away, offers breathtaking landscapes for hiking, rock climbing and wildlife spotting. The Jurassic Coast, a UNESCO World Heritage Site, is perfect for seaside walks and fossil hunting, ideal for day trips and picnics. The River Exe also offers opportunities for watersports and leisurely walks along its picturesque quayside.

History and Culture

Exeter’s cultural scene is anchored by its historic sites, such as the Gothic Exeter Cathedral and the medieval Underground Passages. The Roman city walls also offer a walk-through history with scenic city views. The Royal Albert Memorial Museum (RAMM) provides a diverse collection of art and history exhibits, while Exeter Phoenix is a hub for contemporary arts, including exhibitions, film screenings and live performances. Exeter is also known for its festivals. The Exeter Respect Festival celebrates diversity with music and cultural displays, while the Exeter Food and Drink Festival showcases local culinary delights. The Exeter Christmas Market, held on Cathedral Green, is a festive highlight with stalls, entertainment and seasonal treats.

Sports

Exeter boasts a vibrant sports scene, offering students numerous opportunities to engage in various athletic activities. The University of Exeter’s Sports Park is a hub of activity, featuring state-of-the-art facilities for sports such as football, rugby, tennis and swimming. The city is also home to the Exeter Chiefs, a top-tier rugby union team, whose matches at Sandy Park Stadium draw enthusiastic crowds and provide an exhilarating experience for sports fans. 

Cozy cafe interior with hanging potted plants and string lights from the ceiling, wooden chairs and tables arranged in rows, and people sitting by windows working on laptops.
Golden sunset view of Durdle Door, a natural limestone arch on a curved pebble beach with calm sea and grassy cliffs in the foreground.
Large historic cathedral with intricate gothic architecture and tall stained-glass windows illuminated by sunlight, situated in a spacious green park with people walking on paved paths around it under a clear blue sky.
A male tennis player in an orange shirt and black shorts prepares to hit a tennis ball with a racket on an outdoor court during a cloudy day.

Distance & travel times

University of Exeter
Streatham Campus
University of Exeter
St Luke's Campus
Exeter City Centre  
Exeter College
Walking
By Bike
By Bus
20 min
10 min
10 min
Walking
By Bike
By Bus
35 min
20 min
20 min
Walking
By Bike
By Bus
25 min
15 min
15 min
Walking
By Bike
By Bus
19 min
6 min
10 min

Accommodation Schedule

Room Type
No. Units
Standard Ensuite
17
Classic Ensuite
75
Premium Ensuite
13
Deluxe Ensuite
3
Super Deluxe Ensuite
4
Standard Studio
9
Classic Studio
71
Premium Studio
13
Deluxe Studio
9
Super Deluxe Studio
5
Total
219

AY 24/25 Income summary and projected NOI

£2,038,943

Gross Operating Income
(Assumes 98% Occupancy)

£554,596

Operational Expenditure

£1,484,347

Net Operating Income

Rental Comparables

Atlas House by Homes for Students
The Neighborhood  by Collegiate
Central Living by CRM
Room Type
Rents from (2024/2025)
Weekly Term
10 Bed Club En Suite
£194
51
6 Bed Club En Suite
£199 - £207
51
6 Bed Standard En Suite
£208
51
4 Bed Standard En Suite
£211
51
Club Studio
£245
51
Standard Studio
£252
51
Premium Studio
£260
51
Large Studio
£277
51
Premium Plus Studio
£268
51
Room Type
Rents from (2024/2025)
Weekly Term
2 Bedroom Flat
£250
51
Bronze Club Studio
£210
51
Bronze Studio
£210
51
Silver Club Studio
£240
51
Silver Studio
£240
51
Silver Deluxe Studio
£250
51
Gold Club Studio
£270
51
Gold Studio
£270
51
Platinum Club Studio
£310
51
Platinum Studio
£310
51
Platinum Deluxe Studio
£340
51
Room Type
Rents from (2024/2025)
Weekly Term
12 Bed Club En Suite
£161
51
12 Bed Classic En Suite
£171
51
12 Bed Deluxe En Suite
£178
51
9 Bed Club En Suite
£183
51
8 Bed Classic En Suite
£191
51
9 Bed Classic En Suite
£193
51
9 Bed Deluxe En Suite
£193
51
6 Bed Classic En Suite
£200
44
6 Bed Deluxe En Suite
£215
44
6 Bed Large Premium En Suite
£215
44
4 Bed Large Premium En Suite
£215
44
Studio
£255
51

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