Developer Dominus and alternative investment manager Cheyne Capital have finalised the acquisition of Ibex House in the City of London. The deal marks the second joint venture between the two firms. Constructed between 1933 and 1937, the Grade II-listed Art Deco landmark is situated in a prime location near Aldgate, Fenchurch Street and Tower Hill. Currently sitting as a vacant office block, the site is now earmarked for a sustainable conversion into a high-quality hotel.

Plans submitted by Dominus outline a 382-key hotel designed by the architectural firm Studio Moren. The project prioritises environmental performance, with proposals to retain 100 per cent of the building’s existing substructure and 90 per cent of its superstructure. The development is targeting a BREEAM Excellent rating and aims to align with the UK Net Zero Carbon Buildings Standard while preserving the building’s iconic Streamline Moderne style.

At street level, the development will feature a new café and the restoration of the historic ‘Peacock’ pub. A key element of the plan is the creation of an on-site Hospitality Academy in partnership with The Springboard Charity. This initiative is designed to provide training for future talent within the industry. The project aligns with the City of London Corporation’s ‘Destination City’ strategy, which seeks to transform the Square Mile into a vibrant, seven-day-a-week hub for visitors and workers.

Preet Ahluwalia, CEO 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. We’re delighted to continue our partnership with Cheyne Capital, leveraging our development and asset management expertise to create long-term value. This landmark building is the latest acquisition as we work with capital partners to grow our portfolio of owned and operated hotels.”

Anupriya Rajpal, Development Director at Dominus, said: “We have a strong record of sensitively retaining and repurposing underutilised buildings, including The Dixon, a Grade II-listed former magistrates court that we converted into a 193-key hotel that celebrates the building’s past. With Ibex House we are proposing to create an iconic hotel that embraces its Art Deco design while activating the ground floor with a pub, café and hospitality academy.”

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.”