Cardiff Breaks Out, Specialist Lenders Move In, Modular Milestone & More

a) Urban Centric secures dual Cardiff approvals, pipeline reaches 1,500 units

• Phase two of Trader's Yard: 168 units (total scheme 350 units across phases one and two), located adjacent River Taff, Central Quay, and Cardiff Central station; 838 m² amenity including outdoor plaza, coworking, fitness, cinema, games room, roof gardens, ground-floor commercial; phase one (182 units) due spring 2026.

• Separate Penarth Road scheme: 9-storey brownfield redevelopment at 51-59 Penarth Road, Butetown; demolition of former car wash/tyre fitting premises; unit count not disclosed in planning documents, design references industrial heritage with warehouse-style architecture.

• Both schemes, designed by CW Architects, planning consultancy by Expedite; targeting EPC A, low-carbon technologies; private studios 20.1-29.9 m²; councillors raised concerns over room size and amenity adequacy during committee hearings.

• Cardiff planning officers noted coliving "relatively new to Cardiff market" but increasingly common in London/Manchester; Urban Centric positioning Cardiff as core expansion market within major regeneration corridor.

Why it matters: Urban Centric's 1,500-unit Cardiff pipeline represents the most significant coliving commitment outside London by a single developer in recent quarters. Dual approvals within two weeks signal that planning familiarity and political acceptance are building in secondary cities, even as councillors voice caution on unit sizing. Cardiff's regeneration zone proximity to transport and employment makes it a viable test case for coliving density in sub-£300k median house price markets where studios can compete with HMOs and small apartments. Watch for pre-lets and whether Urban Centric can execute at pace or faces Building Safety Regulator delays on taller phases.

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b) McLaren Property closes £20m Puma facility for 145-studio Exeter scheme

• Asset: 145 all-studio coliving scheme, Summerland Street, Exeter city centre; ground plus five storeys, 58,000 ft².

• Lender: Puma Property Finance, first deal with McLaren Property; 12-month development finance facility, £20m.

• Amenity: coworking, lounges, content room, snug, private dining, gym, wellness studio, rooftop terrace with kitchen/diner; 74 cycle spaces.

• Sustainability: targeting EPC A, BREEAM Excellent; PV panels, air source heat pumps, MVHR.

• Planning history: originally proposed 167 beds, 7 storeys (October 2023); revised to 6 storeys, January 2024 approval; further amendment October 2025.

• Developer track record: McLaren Property/Living/Regeneration combined pipeline £4.8bn across 41 sites, 17,500 homes; 8,300 PBSA beds delivered to date.

Why it matters: The all-studio format and amenity intensity (content room, wellness studio) reflect product evolution toward professional/remote worker segments rather than transient young renters. Puma's willingness to lend at scale to a proven PBSA developer entering coliving validates the typology's debt appetite among specialist lenders. Exeter is a sub-200k population city; if this scheme leases successfully, it opens coliving viability in tier-two university cities where land costs are lower, and student/young professional crossover exists. McLaren's pivot from PBSA to coliving also signals operator confidence that the formats can share operational DNA and asset management expertise.

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c) United Trust Bank provides £3.7m bridging for 76-unit North London pub conversion

• Asset: The Hendon pub, North London; acquisition bridging facility, £3.7m, 12-month term, 75% day one LTC; off-market purchase by SPV including Bernard Margulies (BMR Property Group).

• Scheme: subject to planning (subsequently approved subject to S106); demolition of existing pub, delivery of modern pub plus 76 coliving apartments with dedicated coworking, 3-5 storeys; GDV circa £25m.

• Timeline: UTB site visit to funds advanced in under two weeks; planning approval achieved post-completion, UTB now in discussions to provide development finance for build-out.

• Underwriting rationale: UTB lent on existing use value pre-planning, based on sponsor strength and de-risking work already undertaken; pragmatic approach to off-market opportunities with planning gain potential.

Why it matters: This deal exemplifies the increasing role of specialist bridging lenders in coliving land assembly, particularly for complex urban infill with planning risk. The pub-plus-coliving hybrid format (ground-floor activation, residential above) is emerging as a politically palatable planning narrative in London boroughs concerned about amenity loss. UTB's two-week turnaround and willingness to lend pre-planning on sponsor strength alone highlight how experienced developers with track records can access patient capital even in a cautious debt market. If the scheme completes at £25m GDV, it will provide a useful comparison for similar pub conversion opportunities across inner London.

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d) Enclave Acton completes: 32-storey, 462-studio modular tower operational

• Location: North Acton, west London; 32 storeys, 462 studio apartments averaging 22.5 m²; volumetric modular construction.

• Developer: Tide; architect: HTA Design (second modular tower collaboration, thirteenth project overall); operator: Outpost Management.

• Amenity: rooftop terrace, communal sunrooms, coworking, podcast studios, music studios, communal cooking, games area, karaoke, screening room, gym, spa, golf simulator, small sports court.

• Ground floor: reinstated pub (replacing former Castle Pub) with first-floor public function room and independent access; glazed brick cladding referencing historic pub architecture.

• Design approach: triangulated floor plan responding to challenging corner site; bronze and white panelling; community hub intent through pub and function room.

Why it matters: This is the tallest modular coliving tower completed in London to date and a critical test of whether volumetric modular can deliver density at speed while navigating Building Safety Regulator scrutiny. The amenity spec (podcast/music studios, golf simulator, karaoke) positions the scheme toward content creators and lifestyle-focused renters, not purely cost-sensitive tenants. The pub reinstatement and public function room are likely planning gain concessions, but also support operational resilience by creating ground-floor activation and potential non-residential revenue. If Outpost achieves strong lease-up velocity, it will validate modular construction as a viable path through regulatory bottlenecks - critical given London's completion slowdown.

e) Alma Corporation appoints Carlos Escoda as CEO, signals growth phase

• Appointment: Carlos Escoda, former CEO of SmartRental Group, now CEO of Alma Corporation; mandate to lead growth, operational transformation, brand consolidation across markets.

• Portfolio: Alma Corporation operates €1bn+ AUM across Spain, Mexico, Panama, Colombia; founded by Fernández Luengo family 30+ years ago.

• Living & hospitality vertical: ColivINN (flexliving and coliving), AmazINN Places (short stays), Mi Casa INN (PBSA); operates as hospitality manager for own and third-party assets.

• Escoda background: 20+ years in hotel, real estate, services; former roles at Minor Hotels, Hesperia, Meliá Hotels International, Marriott; also part of two Edmond de Rothschild Bank investment fund management teams.

• Strategic intent: Alejandro Fernández Luengo (President) stated appointment "decisive step" for consolidation and next growth phase; Escoda aims to "drive transformation" and "strengthen positioning in different markets."

Why it matters: Alma's appointment of a CEO with deep hospitality operator and fund management experience signals a shift from a family-run business to an institutionalised platform. The €1bn AUM scale and multi-brand strategy (coliving, PBSA, short stays) positions Alma as one of Europe's few vertically integrated flexible accommodation operators with meaningful Latin America exposure. Escoda's SmartRental pedigree (a major pan-European aparthotel and short-let operator) suggests Alma may pursue third-party capital partnerships, asset management mandates, or eventual exit to institutional buyers. This is a platform preparing for scale, not a family office dabbling in alternatives.

f) Cork County Council formalises coliving for singles in social housing

• Policy: Cork County Council endorsing coliving for single applicants in local authority housing; prioritising larger vacant 3-4 bed homes over expensive one-bed allocations.

• Pilot: two houses in Cobh filled with ex-military personnel via Organisation of Ex-Service Personnel, which manages properties and handpicks residents; cohort already attuned to shared living.

• Rationale: Councillor Ger Curley stated coliving is "essential to moving singles off waiting list" and "more expensive" to provide single units; residents save on bills, council achieves higher occupancy per asset.

• Expansion intent: council plans to extend scheme to singles without military background, promoting "social behaviour" and bill-sharing benefits.

• Open question: whether the model scales beyond self-selecting, pre-screened cohorts; no detail provided on tenancy terms, house rules, or dispute resolution mechanisms.

Why it matters: This is the first known instance of a local authority in Ireland formally adopting coliving as social housing policy. It reflects acute pressure on housing waiting lists and recognition that singles are disproportionately stuck due to limited one-bed supply. The ex-military pilot is a low-risk proof of concept, but scaling to general applicants will test whether shared living can work without self-selection and intensive facilitation. If successful, it could provide a politically acceptable pathway for other councils facing similar constraints - and potentially shift the narrative around coliving from luxury amenity to pragmatic housing solution. However, the risk of tenant friction, turnover, and reputational backlash if poorly managed is high.

Outpost Management (UK)

• Now operating Enclave Acton: 462 studios, 32 storeys, North Acton; second modular tower delivered by HTA/Tide partnership.

• Amenity spec includes podcast/music studios, golf simulator, karaoke - clear positioning toward content creators and lifestyle-first renters rather than purely functional accommodation.

• Positioning: Outpost is establishing itself as the go-to operator for high-amenity, design-led coliving in outer London zones with strong transport links; likely to appeal to institutional capital seeking stabilised, amenity-differentiated assets.

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Alma Corporation (Spain, LatAm)

• Appointed Carlos Escoda (ex-SmartRental Group CEO) as CEO; mandate to drive growth, operational transformation, brand consolidation.

• Operates €1bn+ AUM across ColivINN (coliving), AmazINN Places (short stays), Mi Casa INN (PBSA) in Spain, Mexico, Panama, Colombia.

• Escoda's hospitality and fund management background (Minor Hotels, Meliá, Edmond de Rothschild) signals shift toward institutional platform; expect third-party capital mandates, possible consolidation plays, or eventual institutional exit.

• Positioning: Alma is building a vertically integrated flexible accommodation platform with meaningful LatAm exposure; one of few European operators with scale across coliving, PBSA, and short stays under single brand architecture.

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Urban Centric (UK)

• Secured dual Cardiff approvals (Trader's Yard phase two: 168 units; Penarth Road: 9 storeys, unit count not disclosed); total Cardiff pipeline now circa 1,500 units.

• Phase one Trader's Yard (182 units) due spring 2026; developer positioning Cardiff as core expansion market within regeneration zones adjacent to Central Quay and Cardiff Central station.

• Positioning: Urban Centric is the most aggressive coliving developer in UK secondary cities by pipeline scale; betting on Cardiff's regeneration momentum and sub-London pricing to deliver viable all-studio product with institutional-grade amenity.

a) All-studio formats displacing cluster flats in institutional schemes

• McLaren's Exeter scheme (145 studios, no clusters), Enclave Acton (462 studios, 22.5 m² average), and Urban Centric's Cardiff pipeline all prioritising self-contained studios over shared-kitchen clusters.

• Drivers: Building Regulations complexity for cluster compliance, lender preference for studio comparables to BTR/aparthotels, and resident demand for privacy post-pandemic.

• Amenity as differentiator: studios must be supported by extensive shared space (coworking, wellness, entertainment) to justify coliving label and rental premium over BTR; otherwise, they are simply small BTR studios with a marketing wrapper.

• Constraint: studio-only schemes lose operational density (beds per m²) and may struggle to deliver "community" narrative if residents rarely use shared spaces; risk of underutilised amenity and higher service charge complaints.

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b) Amenity arms race accelerating: podcast studios, golf simulators, karaoke as standard

• Enclave Acton includes podcast studios, music studios, golf simulator, karaoke; McLaren Exeter features content room, wellness studio, private dining; Urban Centric Cardiff schemes include cinema, games rooms, roof gardens.

• Operators betting that lifestyle amenity (not just gym/coworking) drives lease-up velocity, reduces churn, and justifies rental premium to compete with BTR and private rental.

• Risk: high capex, ongoing maintenance costs, low utilisation if resident demographic does not align with amenity offer; also potential for noise complaints, damage, insurance issues (particularly karaoke, music studios).

• Implication: coliving is bifurcating into "lifestyle-first" (high amenity, design-led, outer London/secondary cities) vs "functional-affordable" (basic shared living, inner London/university towns); increasingly difficult for mid-market schemes to compete without clear positioning.

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c) Specialist lenders filling high-street bank void; underwriting sponsor strength over LTV

• Puma Property Finance (£20m McLaren facility), United Trust Bank (£3.7m Hendon bridging), both backing coliving despite Building Safety Act uncertainty; underwriting based on developer track record, de-risking work, operational clarity.

• UTB's two-week turnaround and willingness to lend pre-planning on existing use value illustrates flexible, relationship-driven credit approach unavailable from high-street banks.

• Constraint: specialist lenders typically charge higher margins, shorter tenures (12-18 months common), and require refinance/exit into senior debt or sale; not suitable for long-term hold unless refinanced into institutional debt post-stabilisation.

• Implication: coliving developers must have clear exit strategy (pre-let to institutional investor, refinance into long-term debt, or trade sale) at outset; patient capital from family offices or closed-end funds increasingly important for developers unable to access high-street debt.

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d) Cardiff emerging as second-city coliving testbed; planning familiarity building

• Urban Centric's 1,500-unit Cardiff pipeline (dual approvals within two weeks) signals planning committee comfort with typology; officers citing increasing familiarity from London/Manchester precedent.

• Cardiff's regeneration zones (Central Quay, Callaghan Square, adjacent to Central station and River Taff) provide brownfield sites with strong transport links and employment proximity – key planning officer priorities.

• Councillors still raising concerns over unit size (20.1-29.9 m²) and amenity adequacy, but approvals proceeding; expect continued scrutiny on space standards as typology normalises.

• Constraint: Cardiff median house price sub-£300k; studios must compete with HMOs, small apartments, and affordable BTR - rental pricing discipline essential to avoid oversupply or unsustainable rent premiums.

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e) Modular construction no silver bullet: Enclave Acton proves concept, but regulatory path unclear

• Enclave Acton (32 storeys, volumetric modular) is the second HTA/Tide tower completed, demonstrating repeatability; potential for faster on-site delivery and better quality control vs traditional construction.

• However, no evidence in reporting that modular accelerated Building Safety Regulator approvals or reduced Gateway 2 scrutiny; the regulatory path for modular tall buildings remains uncertain.

• Constraint: modular still requires significant upfront design freeze, supply chain coordination, and crane-intensive site logistics; cost savings are often marginal once preliminaries and professional fees are accounted for, particularly on complex urban infill.

• Implication: modular works best for developers with repeat typologies and pipeline scale (e.g., Tide's multi-project HTA relationship); unlikely to unlock viability for one-off schemes or SME developers without proven module supplier relationships.

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f) Social housing coliving experiments beginning: Cork pilot a potential watershed

• Cork County Council's formal endorsement of coliving for singles in local authority housing is the first known policy adoption in Ireland; reflects acute pressure on waiting lists and limited one-bed supply.

• Ex-military pilot provided low-risk proof of concept (self-selecting cohort, facilitated by charity), but scalability to general applicants is uncertain; no details on tenancy terms, house rules, or dispute resolution.

• If successful, could shift narrative around coliving from luxury amenity to pragmatic housing solution, opening pathway for other councils facing similar constraints - and potentially reducing political opposition to private-sector coliving.

• Constraint: high risk of tenant friction, turnover, reputational backlash if poorly managed; social housing landlords lack experience in facilitating shared living among unrelated adults, and intensive management resources required may outweigh cost savings vs. one-bed allocations.

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g) Density vs safety tension unresolved: viability pressures steering toward mid-rise

• Industry commentary confirms Building Safety Act Gateway 2 approvals causing material delays; second staircase requirements for 18m+ buildings reducing efficiency; cumulative cost pressures (levy, affordable housing, biodiversity net gain, CIL) eroding viability.

• GLA's temporary affordable housing threshold reduction (35% to 20%) and CIL relief consultation are emergency measures to stimulate the London market, but a short implementation window may limit impact.

• Developers responding by favouring mid-rise (6-10 storeys) to avoid a higher-risk regime; the risk that political ambition for density (essential to housing targets) remains unmatched by delivery on the ground.

• Constraint: mid-rise may not achieve sufficient density on high-value urban land to stack financially, particularly where affordable housing requirements remain onerous; the sector needs a clearer regulatory path for taller buildings or explicit viability-based affordable housing relief to unlock supply.

GLA Affordable Housing & CIL Relief Consultation – Deadline not disclosed

• Greater London Authority consulting on temporary reduction of fast-track affordable housing threshold (35% to 20%) and CIL relief for residential schemes; aimed at stimulating market amid completion slowdown.

• Watch: whether short implementation window materially shifts developer activity or provides justification for Building Safety Levy deferral/relief; industry response likely to focus on need for longer-term viability measures rather than temporary fixes.

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Building Safety Levy Implementation – Proposed October 2026

• Levy payable early in scheme life, in full, with cashflow implications for SME developers; sits alongside affordable housing, biodiversity net gain, energy standards, CIL on already-marginal urban sites.

• Watch: whether Government provides greater relief for residential schemes where viability problematic, or defers implementation in light of GLA's emergency measures and broader housing delivery challenges.

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Draft Leasehold and Commonhold Reform Bill – Expected imminently

• Government ambition to move toward commonhold for new flats; industry cautious due to untested model at scale, lender concerns, buyer wariness.

• Watch: whether Bill includes transition period, developer exemptions, or phased implementation to avoid undermining apartment market; risk of rapid shift suppressing higher-density development if lenders withdraw from commonhold-only schemes.

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