United Trust Bank (UTB) is providing £15.3m of funding to growing Build to Rent developer Oblix Living to complete their conversion of Saxon House in central Leicester.

Founded in 2020 by Rishi Passi and Anthony James, Oblix Living is a specialist developer, investor and operator of residential rental assets in strategically selected locations across the UK. It develops mid-sized schemes in urban areas where there is demand for well serviced rental accommodation.

It says its developments are service led, technology enabled and focus on young professionals seeking flexibility, security and amenities fit for modern day living.

Saxon House was built in 1993 and occupied by HMRC until 2021. It was acquired by Oblix Living in 2022 with plans to convert the 89,000 square foot, six storey former office building into ‘The Saxons’, comprising 100, one and two bedroom apartments with a gym, workspace, residents lounge and 28 resident car parking spaces.

UTB is providing the £15.3m of funding required to complete the scheme which has an estimated GDV of £24m. This is the second Oblix Living development supported by UTB which also provided £11m towards the developer’s £17.2m, 95 apartment scheme at Iron Yard in Sheffield city centre, which is now complete and leasing up.

Passi (pictured), CEO 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, United Trust Bank added: “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.”