Developer handed £15m to deliver huge Leicester apartment scheme

Saxon House

Plans to transform a former HMRC building in Leicester into 100 build-to-rent apartments are set to move forward after developer Oblix Living secured £15.3m funding for the project.

Oblix Living bought the 89,000 sq ft Saxon House from Mapeley in October 2022 after receiving planning permission for the proposed scheme in August 2021.

United Trust Bank has now provided Oblix with substantial backing to complete the development, which has an estimated GDV of £24m. “The Saxons” will consist of 100 one and two-bedroom apartments plus a gym, workspace, residents’ lounge and 28 car parking spaces.

Rishi Passi, chief executive officer of Oblix Living, said: “We’re pleased to be working with UTB 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 UTB 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 conitue our growth trajectory.”

Hardeep Thandi, director – property development at United Trust Bank, said: “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 UTB 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.”

Saxon House was built in 1993 and occupied by HMRC until 2021.

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