Dominus has teamed up with Cheyne Capital for its student-accommodation-led redevelopment of a Fleet Street office block.
Dominus agreed to buy the 230,000 sq ft office building at 65 Fleet Street, EC4, earlier this year. It was owned by JMI Properties, which bought it from Employees Provident Fund for £160m in 2017, according to Radius data. It was formerly occupied by law firm Freshfields Bruckhaus Deringer.
Dominus launched a public consultation on its plans for the site earlier this year and is looking at several options for the redevelopment as part of changes to the wider Fleet Street quarter.
The developer’s plans include “sustainably refurbishing” the site to develop “student accommodation to support the growth of the higher education sector in the Square Mile and the rest of London”.
It said it wants the historic façade onto Fleet Street to be reworked and upgraded with materials and detailing more in keeping with the surroundings.
The acquisition is the first joint-venture deal by Dominus, and the third deal it has completed with Cheyne following two development financing transactions in 2023.
Cheyne provided two senior loans totalling £400m for two of Dominus’ student living schemes in the City of London.
Preet Ahluwalia, principal director at Dominus, said: “This deal represents a milestone for Fleet Street and the wider City of London. Our expert team has a robust track record for delivering exemplary schemes that create real value for local communities and economies – the site at 65 Fleet Street will be no different.
“By working with the existing building and with an ambitious design team, we will minimise our environmental impact and create a place that truly serves the City and its people.
“We continue to be ambitious and pursue other joint ventures and opportunities, where we know we can add real value to communities and places.”
CBRE and Fladgate acted for the vendor.
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