London bank for entrepreneurs completes £33m loan to develop co-living scheme in Battersea

A London bank for entrepreneurs has completed a £32.6m loan to develop a co-living scheme in Battersea.

OakNorth Bank has provided Dandi Five Limited, part of Dandi Group, with capital 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 new residence.

Founded in 2005, Dandi is a property developer 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.

Ali Reza Ravanshad, chairman and founder of Dandi, said: “Many young 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, added: “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 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.”