Developer completes luxury apartment scheme

A Warwickshire build-to-rent property developer has completed the build of a luxury apartment development near Rugby after securing a £650,000 finance package.

Paddox Estates has used the six-figure loan from Lloyds Bank to support the build of nine two-bedroom properties in Hillmorton, called ‘Aluha House’.

All the apartments in this latest development are now fully rented and will help the business to achieve more than £350,000 rental income each year.

Dean O’Brien, director, Paddox Estates, said: “We’re continuing to see huge demand for our properties in Rugby, as more Londoners move north to realise its virtues as a great commuter town. With a journey of around 50 minutes to London by train, this makes the area an ideal choice for those who want easy access to the capital during the working week, whilst living on the doorstep of the beautiful Warwickshire countryside.

“The support we’ve received from Lloyds Bank over the last few years has had a great impact on our business. Its enabled us to accelerate our development ambitions and we’re looking to the future with confidence.”

Andrew Smith, relationship manager, Lloyds Bank, said: “Rugby has high levels of employment and demand for residential properties in and around the town shows no signs of easing. But as more people want homes with strong green credentials, it’s great to see local developers like Paddox Estates taking sustainability seriously. This latest development not only appeals aesthetically and with a fantastic location, but it also boasts outstanding eco-credentials with solar panels and electric vehicle charging points.

“We’re passionate about supporting businesses in Warwickshire and will continue to champion forward-thinking businesses like Paddox Estates as part of our commitment to helping Britain prosper.”