The building's site originally consisted of terraced fields, which were incorporated into the garden of the nearby Villa St Ignatius in the early 19th century.

[3][4] The building's name is derived from the oak trees (Maltese: ballut) which grew in the area in front of it, that also gave the bay its name.

[5] The building originally contained some of the largest and most luxurious apartments in Europe, and it became a prestigious address in Malta.

Out of the twenty apartments, sixteen remain in the hands of the tenants' heirs, three have returned into the possession of the owners, and one was sold to a third party.

A structure which contains a number of shops buttresses the entire building at street level, contributing to its three-dimensional quality.