London developer swaps hotel plans for student housing in £173m forward fund
London developer Dominvs has completed the country’s largest forward fund in the purpose built student accommodation sector for £173m, with Scape.
Comprising 713-beds, the scheme will be one of the capital’s largest student accommodation developments, Dominvs exclusively told CityA.M.
The university housing deal came after Dominvs had secured consent for two hotels on the Hammersmith site. Citing market conditions amid the pandemic, the firm said a northern building was no longer viable as a hotel.
With consent from Hammersmith and Fulham Council, the firm will now provide Imperial College London with student housing.
In total, the scheme has a Gross Development Value of £270m, factoring in a 400-key hotel for Premier Inn at the site’s southern end.
The university housing deal came after Dominvs had secured consent for two hotels on the Hammersmith site.
Citing market conditions amid the pandemic, the firm said one building was no longer viable as a hotel.
With consent from Hammersmith and Fulham Council, the firm will now provide Imperial College London with student housing.
The originally consented hotel was significantly taller than the present design for student accommodation, after feedback from local residents and architects, Rogers Stirk Harbour + Partners (RSH+P).
Amenities at the accommodation will include study space, a gym, and a garden courtyard, plus space for “pop-ups and events.”
Some 50 per cent of the site’s rooms are intended to be nominated by Imperial College, as its White City campus is nearby.
Other nearby education 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’s a privilege to have worked alongside Imperial, Hammersmith and Fulham Council and the local community who collaborated with us to find real solutions which helped unlock this site and, above all else, worked for local people,” Preet Ahluwalia, principal at Dominvs Group, said.
“The result is a milestone deal for the market with the creation of institutional-grade student housing alongside a new Premier Inn, underpinning our ability to create value across multiple asset classes.”