- The loan is to Dandi Group, the multi-award-winning London based family office;
- The capital will be used to develop a new six-storey residential scheme with 159 co-living bedrooms at Hazel Court on Haydon Way, near Wandsworth Town station;
- Planning permission for the new scheme was granted in September 2021 and will see the c.16,000 sq.ft. currently vacant building demolished and rebuilt into a beautiful new residence;
- With increased flexible working resulting from COVID, it is expected that demand for co-living will increase as more people work from home for a portion or all their week.
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided Dandi Group, a London based family office with a £32.6M loan facility to develop Dandi Battersea, a major new co-living scheme in Battersea.
Located on a quiet road surrounded by residential houses and apartments, Dandi Battersea benefits from being within walking distance to Clapham Junction and Wandsworth Town train stations, as well as the local amenities of the surrounding area. The site, which is almost 16,000 sq.ft., is currently sitting vacant, so the cash injection will help breathe new life into the surrounding area.
Founded in 2005 by Ali Reza Ravanshad, Dandi Group is a multi-award-winning, London based family office, which focuses on creating small and unique spaces for residents which provides them their own individual space whilst feeling part of a community. Its portfolio currently consists of 219 units with a further 1,117 in construction with a desire to secure a pipeline of 15,000 units in London over the next five years.
Commenting on the transaction, Ali Reza Ravanshad, Chairman & Founder of Dandi Group, said: “Many professionals are now working from home for part or all their week, but still want to feel like part of a community and make new connections as they’d do in an office. This is one of the benefits a co-living space such as Dandi Battersea provides. This is the third time we’ve chosen OakNorth Bank as our funding partner and there’s a reason we keep returning to them – the team is collaborative, constructive, and commercial. There’s no broad-brush assumptions or computer-says-no decisions.”
Max Saidman, Director of Debt Finance at OakNorth Bank, continued: “Ali and the Dandi team have the track record to successfully deliver a scheme of this scale. Ali has over three decades of real estate experience and has been the driving force behind the success of Dandi Group and its expansion and pipeline of new developments. We’re delighted to once again be supporting the business – returning customers is a clear indication to us that we’re delivering on our promise to customers and offering a delightful experience.”