London-based real estate developer and investor Dominvs Group receives planning approval from the London Legacy Development Corporation’s planning committee for a purpose-built student accommodation (PBSA) led mixed-use scheme in Stratford, London. Dominvs Group has instructed Knight Frank to source a funding partner.
Dominvs acquired two adjoining sites, 304-312 Stratford High Street, off-market from The Collective in December 2020, and 302 Stratford High Street from a private vendor. The sites have been combined to enable the delivery of 465 student beds, with wider investment into local infrastructure and community amenities.
The plans for the site include the creation of Channelsea Terrace, a landscaped public space, environmental enhancements and restoration of the Channelsea Basin. The scheme also proposes 786 sqm of workspace – 50% of which will be affordable – at the ground- and first-floor level. The workspace has been designed with advice from Bow Arts, with the objective that it will be targeted at the creative and cultural sectors.
“Our scheme will revitalise and regenerate the area, delivering a not-for-profit community pub, creative workspace and much-needed student housing.
“With the London Plan identifying a need for 3,500 PBSA beds to be provided annually from now until 2028/29, we’re delighted to play our part in delivering this PBSA-led, mixed-use scheme, which will benefit both students and the wider community.
“We have scaled up the number of PBSA developments in our pipeline to 5,000 beds and will continue to add more to our portfolio through working with universities and other partners to meet the pressing demand for high-quality student accommodation in London and beyond.”Jay Ahluwalia, Principal, Dominvs Group
Dominvs Group is working with the Made Up Collective on delivering a new community pub as a not-for-profit venture.
“As a socially engaged design practice focused on transforming spaces and delivering long-term initiatives that empower local communities, we’re proud to work with Dominvs who share our commitment to embedding social value at the heart of development.
“We believe it is vital for more developers to follow Dominvs’ lead and collaborate with grassroots community projects from the very beginning when designing schemes.”Kiran Chahal, Founder, Made Up Collective
Of the 465 student beds, 35% will be affordable, with 24 wheelchair accessible rooms and an additional 23 rooms that will be adaptable. The scheme also features a terrace on the 12th floor.
The construction phase is estimated to create 328 full-time equivalent jobs and a contribution of £25.3m GVA per annum to the local economy.
Planning consent was previously awarded to The Collective in December 2019 for a mixed-use, hotel-led scheme on the site. Dominvs’ fresh submission aims to deliver affordable workspace and address increased demand for PBSA accommodation.
An estimated 75,190 full-time students study at universities within a 30-minute journey from the site, with this figure predicted to rise by 32% over the next five years.
“We have identified a need for approximately two thousand additional student rooms to serve our campuses. As a result of this need, we have been working with Dominvs Group to bring forward this scheme featuring much-needed PBSA and cultural space. A key factor in building and maintaining any successful innovation ecosystem is the sufficient availability of affordable and fit-for-purpose accommodation and amenities that serve students and members of the wider community.
“Opportunities like this ensure that talent can emerge from any background and not just the most privileged, and that students and the wider public are embedded into the local community.”John Iveson, Assistant Director of Estates & Facilities, Queen Mary University of London
Dominvs has received consent for a total of 1,822 student beds in London this year, having previously received consent for a 644-bed scheme in Holborn and a 713-bed scheme in Hammersmith. Following consent in Hammersmith, Dominvs completed the UK’s largest PBSA forward fund of £173.25m with Scape.