The partners have ambitious plans for the site to introduce a mix of uses that will add to the life and dynamism of the City of London.

Several uses are being explored for the site; and it is envisaged that the redevelopment will make a significant contribution to the wider Fleet Street quarter.

The current plan is for the historic façade onto Fleet Street to be reworked and upgraded with materials and detailing more in keeping with the surroundings.

Redevelopment works will also safeguard and celebrate the Grade II-listed Whitefriars Crypt with new access routes and increased visibility.

The Tipperary Pub, a vital community meeting place, has been renovated and re-opened, bringing it back into use after almost four years of closure.

Seeking to deliver community benefit as soon as possible, Dominus is operating the pub and will secure long-term viability.

The redevelopment will also include the opening of ‘Tattle at The Tipperary’, an independent coffee shop, and ‘Florist at The Tipperary’.

Both meanwhile uses will be operational throughout the redevelopment and help to reactivate the street frontage and broaden the offering on Fleet Street.

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The development will reuse as much of the building’s fabric as possible while creating a highly efficient external envelope.

This is the first JV acquisition by Dominus, following a strong track record of delivery that spans the hospitality and living sectors across the UK.

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.”