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.
Investment Summary
Freehold
Unit Mix
Amenities
Location
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.
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.”


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.

Market Commentary
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.

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.
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.
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Total Students
Domestic Students
International Students
Universities
The lifestyle of
Exeter

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