London developer swaps hotel plans for student accommodation in £173m futures fund

Monday, May 23, 2022 6:30 a.m.

London developer Dominvs has completed the country’s largest purpose-built student accommodation term fund for £173m, with Scape.

Comprising 713 beds, the scheme will be one of the largest student accommodation developments in the capital, Dominvs told CityA.M exclusively.

The university housing deal came after Dominvs secured consent for two hotels on the Hammersmith site. Citing market conditions amid the pandemic, the company said a northern building was no longer viable as a hotel.

With the consent of Hammersmith and Fulham Council, the company will now provide Imperial College London with student accommodation.

In total, the scheme has a gross development value of £270m, including a 400-key hotel for Premier Inn at the south end of the site.

The university housing deal came after Dominvs secured consent for two hotels on the Hammersmith site.

Citing market conditions amid the pandemic, the company said one building was no longer viable as a hotel.

With the consent of Hammersmith and Fulham Council, the company will now provide Imperial College London with student accommodation.

The originally consented hotel was significantly larger than the current student accommodation design, after feedback from local residents and architects, Rogers Stirk Harbor + Partners (RSH+P).

Accommodation facilities will include a study space, gym and garden courtyard, as well as space for “pop-ups and events”.

Around 50% of the site’s rooms are intended for nomination by Imperial College, as its White City campus is nearby.

Other nearby educational institutions include the London Academy of Music & Dramatic Art (LAMDA), the White City site of the Royal College of Art (RCA) and West London College.

“It is a privilege to have worked alongside Imperial, Hammersmith and Fulham Councils and the local community who have worked with us to find real solutions that have helped unlock this site and above all have worked for local people,” Preet Ahluwalia, director at Dominvs Group, mentioned.

“The result is a landmark deal for the market with the creation of institutional-grade student accommodation alongside a new Premier Inn, which reinforces our ability to create value across multiple asset classes.”

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