United Trust Bank (UTB) Property Development has completed a £27.8m facility to support a £40m build-to-rent (BTR) scheme in Canary Wharf.
The development is being undertaken by Lotus Living, a privately owned and experienced BTR developer-operator with a strong track record of delivering high specification BTR schemes across Greater London and Home Counties.
The development, known as Bellerive House, comprises the conversion of a redundant office building to 50 rental apartments ranging from studio to 2 bedrooms, and the creation of 9 new rooftop airspace duplex apartments. In addition, the ground floor will offer 3000sqft of commercial space and parking. Like all of Lotus Living’s build-to-rent developments, each apartment will be presented to a very high standard with professional management, consistent policies and Lotus Living Resident friendly app. Rents will range from £2,200.00 to £4,600.00 pcm. The first apartments should be ready to move in by Q1 2026.
UTB’s £27.8m facility supports the acquisition of the freehold of the building, conversion and construction costs, S106 and CIL liabilities, professional fees, interest and a 4-month VAT bridge.
Paul Flannery, Senior Director – Property Development, United Trust Bank, commented: “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.”
Rajiv Nehru, CEO – Lotus Living, commented: “Paul and the wider UTB property development team have been a pleasure to work with. It’s clear that they share our vision and commitment to creating high-quality, affordable rental homes designed to meet the diverse needs of Londoners. When completed early next year, Bellerive House will provide attractive, well-connected and comfortable homes, conveniently located in the heart of Docklands, just a few minutes from Central London and City Airport.”
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