Dominus has acquired Ibex House, a Grade II-listed Art Deco building in the City of London, for redevelopment into a 382-bedroom hotel, in a joint venture with Cheyne Capital.
The property, built between 1933 and 1937, is located close to Aldgate, Fenchurch Street and Tower Hill and is currently vacant, having previously been used as office space.
Following public consultation, Dominus has submitted plans to convert the building into a hotel designed by Studio Moren.
The proposals retain 100% of the building’s substructure and about 90% of its superstructure, with the scheme targeting a BREEAM Excellent rating and alignment with the UK Net Zero Carbon Buildings Standard.
The plans include opening the ground floor to the public, with a café, the refurbishment and reopening of the Peacock pub, and the creation of an on-site hospitality academy in partnership with The Springboard Charity.
The proposed redevelopment supports the City of London Corporation’s Destination City strategy, which aims to increase footfall and encourage seven-day-a-week activity in the Square Mile.
Dominus has increasingly focused on repurposing underused office buildings into hotels and other uses.
In 2023, it acquired 5–10 Great Tower Street, which is being converted into The Derby London City, a 234-bedroom hotel operating under the Curio Collection by Hilton brand and due to open in early 2026.
More recently, the company secured planning consent to convert a former telephone exchange at 123 Judd Street in King’s Cross into a 240-bedroom hotel.
Across the UK, Dominus has 3,800 student beds and 1,700 hotel rooms either consented or in development, and said it plans to continue working with capital partners to expand its portfolio.
The acquisition of Ibex House follows Dominus’s first joint venture with Cheyne Capital in 2024, when the pair acquired 65 Fleet Street for a student accommodation-led redevelopment that also includes the restoration of several listed buildings.
Preet Ahluwalia, chief executive of Dominus, said: “Ibex House is the latest example of our strategy to acquire underutilised offices and repurpose them into market-leading hotels in central locations.”
Hamish Gordon, director in Cheyne Capital’s real estate group, added: “This project is the latest in a series of partnerships with Dominus and we’re confident that we’ll continue our track record of working together to deliver bold redevelopments of prime Central London assets. The new hotel and public facilities will contribute meaningfully to the transformation of the City into a go-to destination.”
