Paragon Bank has completed a £3.8m development finance facility for the conversion of a historic office building in Bath city centre into 15 private apartments. The transaction marks the lender’s second deal with ORM Developments.
The facility will fund the conversion of Chartist House on Trim Street, with the scheme carrying an estimated gross development value of approximately £6.2m upon completion. The building sits within the Bath Conservation Area and the city’s UNESCO World Heritage Site.
Historic building conversion
Chartist House was designed in the early 18th century as Georgian townhouses before being converted to office use. The development will restore the building to residential use, comprising a mix of one, two and three-bedroom apartments.
The site is located within walking distance of retail, leisure and cultural facilities, with Bath Spa railway station less than half a mile away providing direct services to Bristol, London and the wider South West. Construction is scheduled to begin in late 2026, with the first apartments expected to launch in September 2027.
The scheme will retain the building’s historic frontage whilst incorporating energy-efficiency measures, including improved thermal insulation and a hybrid heating and hot water system.
Market context
Bath supports two universities and a student population of around 28,000. The Office for National Statistics reports an employment rate of 78.2% across the South West, compared to a national average of 75.1%.
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.”
Craig Seaborne, senior portfolio manager at Paragon Bank who led the deal, commented: “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.”
Anisha Thawrani, portfolio manager at Paragon, supported the development finance deal. The transaction comes as regulatory discussions continue around local landlord licensing and broader property market conditions, with seasonal factors influencing transaction timelines across the residential sector.
The conversion represents part of a broader trend of office-to-residential conversions in historic city centres, where planning authorities balance heritage preservation with housing supply needs.
