Balance Out Living, a new co-living platform backed by Oaktree Capital, said on Wednesday that it has secured planning permission for its first development, a new co-living community close to Battersea Park.
Led by former Blackstone, Collective and WeWork executives, the new co-living venture has a further 900+ homes in various stages of planning across central London.
Using investment from Oaktree Capital’s European Principal Fund V, the platform is looking to create an initial portfolio of best-in-class co-living communities in central London, with a total gross development value of up to £1bn, before later expanding into other major European cities.
Located on Culvert Road, the 213-apartment scheme will include over 16,000 sq ft of on-site amenities, including co-working spaces, communal kitchens, resident lounges, a cinema room, café, bar and gym facilities with treatment rooms.
Balance Out Living was founded by Sarah Christie and Zafar Bhunnoo, who previously held senior roles at Blackstone, the Collective, Spaces Co-Living and WeWork. The pair, who will jointly lead the business as co-CEOs, aim to create a genuinely wellbeing-focused housing brand after experiencing ‘burn out’ during various stages of their earlier professional careers.
Sarah Christie, co-CEO at Balance Out Living, said: ‘This decision represents a major vote of confidence in our vision to provide an attainable, stress-free housing option that has wellbeing and community at its core.’
Zafar Bhunnoo, co-CEO at Balance Out Living, said: ‘Balance Out Living will provide a better value alternative to the mainstream rental market without compromising on space, privacy or quality.’
