United Trust Bank (UTB) has agreed a £27.8 million development facility to support a new £40 million build-to-rent (BTR) scheme in London’s Canary Wharf.
The project, led by Lotus Living – a privately owned BTR developer-operator with a proven track record across Greater London and the Home Counties – will see the transformation of Bellerive House, a redundant office building, into a high-quality residential and commercial development (main picture).
Bellerive House will feature 59 new rental homes, including 50 converted apartments ranging from studios to two-bedroom units, and nine newly constructed rooftop duplexes.
The scheme also includes 3,000 sq ft of ground-floor commercial space and dedicated parking.
PROFESSIONALLY MANAGED
All homes will be professionally managed and delivered to a high standard, supported by consistent policies and a resident-friendly app. Monthly rents will range from £2,200 to £4,600, with the first homes expected to be available from Q1 2026.
UTB’s £27.8 million funding package covers the freehold acquisition, construction and conversion costs, professional fees, planning obligations (S106 and CIL), interest, and includes a four-month VAT bridge facility.
OUTSTANDING PORTFOLIO
Paul Flannery, Senior Director – Property Development, United Trust Bank, says: “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.”
HIGH-QUALITY RENTAL
Rajiv Nehru, Chief Executive, Lotus Living, adds: “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.”
