United Trust Bank has agreed a £27.8m funding facility to support the delivery of a £40m build-to-rent development in Canary Wharf.
The scheme, known as Bellerive House, is being delivered by Lotus Living, a privately owned developer-operator with a growing portfolio of high-specification rental homes across Greater London and the Home Counties.
The project will see the conversion of a redundant office building into 59 apartments, including nine new rooftop duplexes, alongside 3,000 square feet of commercial space and associated parking.
Apartments will range from studio to two-bedroom layouts, with monthly rents expected to start at £2,200 and rise to £4,600. The first residents are expected to move in by the first quarter of 2026. As with all Lotus Living developments, the homes will be professionally managed and integrated with the company’s resident app.
UTB’s facility includes the acquisition of the freehold, construction and conversion costs, as well as covering Section 106 and Community Infrastructure Levy obligations, professional fees, interest and a four-month VAT bridge.
Paul Flannery, senior director of property development at United Trust Bank, said: “We’re very keen to increase our lending to experienced specialist developers of BTR, PBSA and Co-living accommodation and I am delighted UTB is funding this exciting BTR scheme for Lotus Living.
“Raj and the team have created an outstanding portfolio of attractive homes in sought after locations, and at the same time established a reputation as an excellent landlord. Bellerive House will provide a great place to live in a vibrant area of London, and I look forward to UTB supporting many more successful Lotus Living schemes in the future.”
