Dominus and Cheyne Capital Management (UK) have joined forces to deliver a student accommodation-led redevelopment of a 230,000 sq ft office building on London’s Fleet Street.
Dominus agreed a deal to buy 65 Fleet Street from Hong Kong investor JMI Properties for an undisclosed price earlier this year. The office building was occupied by law firm Freshfields Bruckhaus Deringer until September 2020
The redevelopment will see as much of the building’s existing fabric as possible reused with the historic façade onto Fleet Street reworked and upgraded. The redevelopment will also safeguard the Grade II-listed Whitefriars Crypt and The Tipperary Pub, which has recently been renovated and re-opened. A new independent coffee store and florist will operate from meanwhile space at the building whilst the redevelopment takes place.
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.
“This is also a significant moment for Dominus, marking the commencement of us partnering with institutional capital to bring forward a development. Our strengthening collaboration with Cheyne Capital is testament to our experience, reliability and integrity. Meanwhile, we continue to be ambitious and pursue other joint ventures and opportunities, where we know we can add real value to communities and places.”
Hamish Gordon, from Cheyne Real Estate, added: “Following on swiftly from the two deals announced in February, we are pleased to be partnering again with Dominus on this acquisition. Together we will deliver a bold redevelopment scheme at 65 Fleet Street. The works to The Tipperary Pub and the new meanwhile use offerings delivered over the coming weeks will also provide clear benefits to the wider community.”
CBRE and Fladgate LLP acted for the vendor.
