The £173.25 million forward fund, advised on by Knight Frank, is the largest deal of its kind ever in Britain and, at 713-beds, will be one of the largest ever to be developed in London.
The Hammersmith site in west London was reworked by Dominvs after initial planning consent was secured for two hotels. One of these hotels went ahead and after the support of Imperial College London, Dominvs won unanimous consent from Hammersmith and Fulham Council in March to deliver the PBSA.
Dominvs secured unanimous approval from planners after a comprehensive and collaborative engagement process with local residents. The company was praised at planning committee for placing residents’ views at the heart of the design of the new scheme, with the senior team and principles of Dominvs personally meeting with locals alongside legendary architect Ivan Harbour - long-time partner of the late Lord (Richard) Rogers, famed architect of the Pompidou and Lloyds of London.
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The deal underlies surging appetite for PBSA, which experienced a 35% increase in transaction volumes in 2021.
Dominvs had previously secured consent for two hotels to be delivered on the site. Due to market conditions as a result of the pandemic, the northern building was no longer viable as a hotel. Dominvs assessed several alternative sectors, which resulted in them taking forward the PBSA scheme following discussions with Imperial College London. At the southern end of the site, Dominvs is currently delivering a 400-key hotel for Premier Inn. The combined scheme has a GDV of £270 million.
Dominvs achieved support from local residents through its Community Liaison Group which enabled residents to input into the PBSA design alongside internationally renowned and Stirling prize winning architects, Rogers Stirk Harbour + Partners (RSH+P). This resulted in a significant reduction of height from the originally consented hotel.
Flexible amenity space at the scheme will include study and seminar space, an onsite gym, a landscaped garden courtyard and space for pop-ups and events.
The site is located close to Imperial College London's White City campus and there is an intention that 50% of the rooms will be nominated by the University. Other local higher education institutions in proximity to the scheme include The London Academy of Music & Dramatic Art (LAMDA), the White City site of the Royal College of Art (RCA), and West London College.
Renewed confidence in the £72 billion UK student market is driven by students returning to campus post-pandemic, while the Universities and Colleges Admissions Service (UCAS) expects the number of international students to grow by two-thirds between 2022 and 2026.
