Lotus Living has secured a £27.8m facility from United Trust Bank (UTB) to support the delivery of a £40m office-to-build-to-rent (BTR) conversion in Canary Wharf.
The development of Bellerive House will involve the conversion of a redundant office building into 50 rental apartments, ranging from studio to two bedrooms, and the creation of nine new rooftop airspace duplex apartments. The ground floor of the development will offer 3000 sq ft of commercial space and parking.
UTB’s facility supports the acquisition of the freehold of the building, the conversion and construction costs, S106 and CIL liabilities, professional fees, interest and a four-month VAT bridge.
Rajiv Nehru, CEO of Lotus Living, said: “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.”
Paul Flannery, senior director – property development, United Trust Bank, added: “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.”
