Paragon Bank has provided a £3.8 million development finance facility for the conversion of a historic Bath city centre office building into 15 apartments.
The funding has been agreed with ORM Developments for Chartist House on Trim Street, with the completed scheme expected to have a gross development value of about £6.2 million.
It is the second transaction between ORM Developments and Paragon’s development finance division, following funding for another residential conversion of a listed office building in Bath.
HISTORIC CITY CENTRE SITE
Chartist House is within 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, it was subsequently converted to office use.
The latest scheme will create a mix of one, two and three-bedroom apartments while retaining the building’s historic frontage. Energy-efficiency measures will include improved thermal insulation and a hybrid heating and hot water system.
Construction is expected to begin in late 2026, with the first apartments due to be marketed in September 2027.
The property is less than half a mile from Bath Spa railway station, providing connections to Bristol, London and other destinations across the South West.
Rob Moore, director at ORM Developments, says: “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 transaction was led for Paragon by Craig Seaborne, senior portfolio manager, with support from Anisha Thawrani, portfolio manager.
Seaborne says: “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.”
