The development is being undertaken by Lotus Living, a BTR developer that has worked extensively on such schemes across Greater London and the Home Counties.

This £27.8m facility will support the acquisition of the freehold of the building, conversion and construction costs, S106 and CIL liabilities, professional fees, interest and a four-month VAT bridge.

Known as Bellerive House, this development will see Lotus Living convert a redundant office building into 50 rental apartments.

These will range from studios to two-bedrooms, with nine new rooftop airspace duplex apartments.

The ground floor will offer 3,000 sq ft of commercial space and parking.

Rents will be charged from £2,200 to £4,600 per month with the first units available from the start of 2026.

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“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,” said Paul Flannery, senior director of property development at UTB (pictured above).

“[Rajiv Nehru, CEO at Lotus Living] 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 added: “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.”