REAL-ESTATE company Dominus has secured permission for a mixed-use scheme in the heart of the City of London as it aims to become the Capital’s largest developer of student accommodation.
Today’s approval means Dominus has gained planning permission for 2,591 beds of purpose-built student accommodation in London, forming a key plank of its ambitious 10-year growth plan.
The development, 65 Crutched Friars, is located in London’s Square Mile close to Fenchurch Street, Tower Hill and Aldgate stations, and is designed by award-winning Danish architectural practice 3XN.
It was given the green light by the City of London’s planning applications sub-committee today amid a growing need for student accommodation in London.
It follows Dominus’ project at 61-65 Holborn Viaduct, a 644-unit student accommodation development.
Over the last 10 years, Dominus has become one of the fastest growing real estate platforms in the UK, rapidly expanding its property portfolio with diverse investments, from industry-leading hotels to award-winning residential properties, regeneration projects and mixed-use schemes and hospitality, led by brothers Husnell, Preet, and Jay Ahluwalia.
With 35 projects completed and 16 more currently in development, Dominus plans to significantly expand the business by building on their hotel expertise, but also expanding significantly into student accommodation and the build-to-rent market, as well as plans to set up a new investment fund.
The Greater London Authority’s London Plan currently identifies a need for 3,500 student beds to be delivered annually to support a domestic and international student population, which has grown 10 per cent in the last five years.
Dominus principal director Jay Ahluwalia said:
“Getting these plans approved today is a huge moment as we cement our position in the PBSA sector.
“We can draw on all our experience in hospitality to show we really understand what makes a successful student development, not just for those living there, but for the community as a whole.
“When we started out back in 2011, the goal was to build a real estate business that wasn’t only scalable and fast-growing, but was philanthropic at heart, going above and beyond to improve people’s lives.
“Today, everything we do for the business as brothers is driven by this idea, and the desire to create places and spaces that make a positive contribution to cities and communities across the UK.”
Today’s planning approval also secures the future of London’s Migration Museum – currently temporarily housed in a shopping centre in Lewisham – with Dominus helping to fund a £15 million relocation and refit to create the first-ever Migration Museum for Britain.
The museum, which counts actors Riz Ahmed, Naomie Harris, and Joanna Lumley among its high-profile supporters, will be installed in the first three floors of the prime development.
As well as agreeing to host the museum, Dominus has guaranteed to underwrite its first five years’ operating costs, as well as proposing a donation of £500,000 to pay for a team to lead the multi million-pound fundraising drive.
Migration Museum chief executive Sophie Henderson said:
“We are so grateful for Dominus’ belief in the importance of this museum, and for their transformational support. With their help we can now look forward to a very bright future for the museum.”
Charles Gurassa, Chair of Migration Museum, called Dominus’ support a “once in a generation opportunity”.
He said: “It is difficult to overstate what all of this means for the Migration Museum. Dominus’ support is, quite simply, critical to our ability to deliver a cutting-edge, state-of-the-art Migration Museum. We could not do so without it.
“We believe that a permanent and significant Migration Museum is an important and long overdue addition to Britain’s cultural landscape and there is no better place than the heart of the City of London, Britain’s gateway to the world for thousands of years.”
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