Specialist lender United Trust Bank provides Oblix Living with £15.3m funding to complete The Saxons, its Build to Rent scheme in central Leicester which has an estimated GDV of £24m. Built in 1993, Saxon House was occupied by HMRC until 2021.
Oblix Living acquired Saxon House in 2022 with plans to convert the 89,000 sq ft, six storey former office building into The Saxons Build to Rent scheme. The development will deliver 100 new homes – a mix of one- and two-bedroom apartments. Resident amenities include a gym, workspace and residents lounge, as well as 28 car parking spaces.
“We’re pleased to be working with United Trust Bank again to deliver another high-quality Build to Rent development to meet the growing demand from young professionals for professionally managed, well designed, amentised buildings throughout the UK.
“The team at United Trust Bank have been a pleasure to work with. Their responsiveness and willingness to go above and beyond have been invaluable in ensuring that we have the financial resources needed to continue our growth trajectory.”Rishi Passi, Chief Executive Officer, Oblix Living
This funding is Oblix Living’s second investment from United Trust Bank, who also provided £11m for the developers £17.2m Iron Yard scheme in Sheffield, which includes 95 apartments which are complete and leasing up.
“The Build to Rent sector is booming and we are delighted to be supporting another exciting scheme by Oblix Living, which will bring much needed high specification rental accommodation to one of the UK’s fastest growing cities.
“Rishi, Anthony and the Oblix Living team have a huge amount of collective experience in residential and commercial development, lending and investment and at United Trust Bank we enjoy working with developers who are committed to building outstanding homes and are meticulous in their planning and delivery. Oblix Living are exactly that and I look forward to a long and fruitful partnership extending for many years to come.”Hardeep Thandi, Director – Property Development, United Trust Bank
Oblix Living is a specialist developer, investor and operator of residential rental assets in strategically selected locations across the UK. The company was founded in 2020 by Rishi Passi and Anthony James.
Oblix living develops mid-sized schemes in urban areas where there is demand for well serviced rental accommodation. Its developments are service led, technology enabled, and focuses on young professionals seeking flexibility, security and amenities fit for modern day living.