The Hammersmith site in west London had previously got consent for two hotels.
Due to the pandemic, the northern building was no longer viable as a hotel, so Dominvs took forward the PBSA scheme following discussions with Imperial College London.
At the southern end of the site, the developer is currently delivering a 400-key hotel for Premier Inn.
The combined scheme has a staggering GDV of £270m.
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181 Talgarth Road will feature flexible amenity space, including study and seminar areas, an on-site gym, a landscaped garden courtyard, and space for pop-ups and events
The site is near Imperial College London’s White City campus and there is an intention that 50% of the rooms will be nominated by the University.
“It’s a privilege to have worked alongside Imperial, Hammersmith and Fulham Council and the local community who collaborated with us to find real solutions which helped unlock this site and, above all else, worked for local people,” said Preet Ahluwalia, principal at Dominvs.
“The result is a milestone deal for the market with the creation of institutional-grade student housing alongside a new Premier Inn, underpinning our ability to create value across multiple asset classes.”
Adam Brockley, founder and global CDO of Scape, commented: “We are delighted to have secured this high-profile site in Hammersmith, which will be a superb addition to Scape’s portfolio and allows us to bring our market leading product to west London.”
Merelina Sykes, co-head of student property at Knight Frank, added: “This is a hugely significant transaction for the UK’s PBSA sector.
“It not only demonstrates the real strength of UK student property, but also the need for developers and operators to meet growing demand for accommodation in the capital.”
According to Knight Frank, renewed confidence in the £72bn UK student market is driven by students returning to campus post-pandemic.
Additionally, UCAS expects the number of international students to grow by two-thirds by 2026.