Dominus is seeking a forward funding partner for its 37-storey Medlock Tower student accommodation development in Manchester, which has a GDV of more than £200m.
The development, which Dominus is delivering in a joint venture with Whitbread, will provide 1,014 beds and is located close to Manchester University and Manchester Metropolitan University.
Medlock Tower features a green living roof and solar PV panels and Dominus is hoping to achieve BREEAM Excellent certification for the scheme. Construction is scheduled for April 2024, with delivery in time for the 2027/2028 academic year.
Preet Ahluwalia, principal director of Dominus, said: “We are pleased to be launching this forward fund opportunity to the market, together with our joint venture partners, Whitbread. We have worked tirelessly over the last two years, together with our consultant teams to secure a planning consent and look forward to casting our attention to delivery.”
Dominos has appointed Savills and Gerald Eve to secure a forward funding partner.
Lizzie Beagley, director in the operational capital markets team at Savills, added: “We are very excited to take on this high-profile forward funding instruction for Dominus, which will deliver high quality student accommodation to a significantly undersupplied city.”
Jason Nearchou, partner at Gerald Eve, said: “This scheme will deliver the much-needed high quality accommodation that students expect in today’s market, while focusing on the ESG and building standards required by global capital.”
