Oaktree-backed co-living venture gains consent for first scheme
A new co-living platform backed by investment manager Oaktree Capital has secured approval for its first development from the London Borough of Wandsworth, as it sets its sights on amassing a £1bn GDV portfolio.
Balance Out Living’s first development – comprising 213 studio flats – will be located near Battersea Park, on Culvert Road, SW11. It will provide 16,000 sq ft of amenities, including co-working spaces, communal kitchens, resident lounges, cinema room, café, bar and gym facilities.
Designed by Claridge Architects, the development will feature green walls, edible gardens and landscaped terraces.
A new co-living platform backed by investment manager Oaktree Capital has secured approval for its first development from the London Borough of Wandsworth, as it sets its sights on amassing a £1bn GDV portfolio.
Balance Out Living’s first development – comprising 213 studio flats – will be located near Battersea Park, on Culvert Road, SW11. It will provide 16,000 sq ft of amenities, including co-working spaces, communal kitchens, resident lounges, cinema room, café, bar and gym facilities.
Designed by Claridge Architects, the development will feature green walls, edible gardens and landscaped terraces.
The platform has more than 1,100 homes across London in its pipeline, in various planning stages.
Balance Out Living said it is actively seeking further acquisitions, targeting well-connected sites close to established cultural, social and fitness offerings.
Using investment from Oaktree Capital’s European Principal Fund V, the platform is looking to create an initial £1bn GDV portfolio in London before expanding into other major European cities.
The platform was founded by former WeWork executive Sarah Christie and former Spaces head of growth Zafar Bhunnoo, who are leading the business as co-chief executives.
The pair aim to create a “genuinely wellbeing-focused” housing brand, after experiencing burn-out during various stages of their earlier professional careers.
Bhunnoo said: “Our focus is on building a high-quality stabilised portfolio in London, acquiring additional sites where we can deliver schemes of appropriate size and scale, before expanding into other European cities where there are similar underlying market fundamentals that support the growth of co-living.”
Christie added: “Our own experiences, including my time living at the Collective Old Oak, taught us just how important home and community is to personal wellbeing.
“From design through to operations, we have considered how to support our future residents in achieving more balanced, healthy lifestyles, and this will be demonstrated at our Battersea development.”
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Photo © Balance Out Living
