United Trust Bank (UTB) Property Development has provided significant financial support to a major build-to-rent (BTR) project in London’s Canary Wharf, marking a noteworthy contribution to the rental housing market in a prime London location. Specifically, UTB has committed a £27.8 million facility to support a £40 million development undertaken by Lotus Living, a highly regarded BTR developer-operator known for its successful track record in Greater London and the Home Counties.
Transformation of Bellerive House
The project, named Bellerive House, involves the conversion of a redundant office building into 50 rental apartments that vary from studios to 2-bedroom units. Additionally, the development will add 9 new rooftop airspace duplex apartments, resulting in a total of 59 residential units. In addition to residential space, the project will include 3000 square feet of commercial space as well as parking on the ground floor. All apartments will be finished to a high standard and managed professionally, adhering to consistent policies set by Lotus Living. A resident-friendly app will also be provided. Monthly rents will range from £2,200 to £4,600, ensuring a range of options for potential tenants.
The funding provided by UTB covers various essential expenses, including acquiring the building’s freehold, conversion and construction costs, obligations under Section 106 and Community Infrastructure Levy, professional fees, interest, and a 4-month VAT bridge. The first batch of apartments is expected to be ready for occupancy by the first quarter of 2026, offering new living spaces to meet the growing demand for quality rental housing in the area.
Advantages and Mutual Vision
Paul Flannery, Senior Director of Property Development at UTB, has expressed enthusiasm for scaling up lending to experienced BTR developers like Lotus Living. He described the development as an attractive living option in a vibrant part of London, pointing out that Lotus Living’s reputation for generating high-quality homes and being excellent landlords aligns well with UTB’s vision. Rajiv Nehru, CEO of Lotus Living, highlighted the productive collaboration with the UTB team and their shared commitment to providing affordable, well-connected, and comfortable rental homes for Londoners. This mutual vision aims to enhance the quality and availability of rental accommodation in prime areas, setting the stage for further quality developments in the future.
The collaboration between UTB and Lotus Living is part of a broader trend in the property development sector prioritizing high-specification, professionally managed rental accommodations in sought-after locations. By focusing on delivering meticulously finished and managed rental units, both entities aim to address the rising demand for quality, city-center living options. This project stands as a testament to the growing importance of such partnerships in reshaping the rental market landscape in London.
Future Considerations
United Trust Bank (UTB) Property Development has offered substantial financial backing to a significant build-to-rent (BTR) project located in London’s Canary Wharf. This marks a notable addition to the rental housing market in one of London’s prime areas. UTB has specifically committed a £27.8 million facility to support a £40 million project spearheaded by Lotus Living, a well-regarded BTR developer-operator. Lotus Living is known for its successful track record in Greater London and the Home Counties. This development represents a key move in addressing the housing demands in a high-profile location, providing much-needed rental options for residents. The cooperation between UTB and Lotus Living showcases a strong partnership aimed at enhancing the rental market with quality housing solutions. By investing such a considerable amount in this project, UTB reinforces its role as a critical player in promoting developments that meet the growing needs of the rental sector in strategic locations.
