A £3.8 million development finance funding package from Paragon Bank will support the transformation of a historic office building in the heart of Bath into 15 high-quality private apartments.
The FTSE 250’s Development Finance division has completed its second transaction with ORM Developments, providing funding to support the transformation of Chartist House, an existing office building on Trim Street in Bath city centre, into 15 private residential apartments. With an expected gross development value (GDV) of approximately £6.2 million on completion, the conversion will increase housing supply while making efficient use of existing urban space.
Chartist House is located within both the Bath Conservation Area and the city’s UNESCO World Heritage Site. Originally designed as a series of Georgian townhouses in the early 18th century, the building was later converted into office accommodation and will now be brought back into productive use through a carefully considered residential conversion.
Residents of the development, which will comprise a mix of one, two and three-bedroom apartments, will benefit from immediate access to Bath’s extensive retail, leisure and cultural amenities on their doorstep, while Bath Spa railway station, less than half a mile away, provides direct connections to Bristol, London and the wider South West.
Building works are expected to commence in late 2026, with the first apartments anticipated to launch to the market in September 2027.
Bath is one of the UK’s most desirable residential locations, combining world-renowned architectural heritage with a thriving tourism sector and two universities. The city’s role as a major regional employment and education hub continues to drive demand for high-quality homes in central locations, supported by a student population of around 28,000 and an ONS-reported employment rate of 78.2% across the South West, above the national average of 75.1%.
The scheme will preserve the building’s historic frontage while enhancing its environmental performance through a range of energy-efficiency measures, including improved thermal insulation and a hybrid heating and hot water system.
Rob Moore, Director at ORM Developments, said: “This is the second development on which we have worked with Paragon, after it financed another residential conversion of a listed office building in Bath with us recently. On that project, the team at Paragon showed a clear understanding of the project’s strengths and worked with us closely to deliver a funding solution that facilitated the successful delivery of the project. We enjoyed working with the team, appreciated their approach and are very happy to have started our next project together.”
The deal was led by Craig Seaborne, Senior Portfolio Manager, on behalf of Paragon Bank, with support from Portfolio Manager Anisha Thawrani.
Craig said: “Bath remains one of the South West’s most desirable residential markets, underpinned by strong demand and a limited supply of new homes in prime locations. We are pleased to be supporting ORM Developments on another project and look forward to seeing the development progress.”
