Savills and Gerald Eve Seek Forward Funding Partner for Dominus’ £200 Million ‘Medlock Tower’ Student Accommodation in Manchester

Savills and Gerald Eve Seek Forward Funding Partner for Dominus’ £200 Million ‘Medlock Tower’ Student Accommodation in Manchester

(IN BRIEF) Savills and Gerald Eve have been appointed by developer Dominus to find a forward funding partner for a student accommodation project in Manchester, known as “Medlock Tower.” The £200 million development will consist of a 37-story super-prime student accommodation building, providing 1,014 bed spaces near Manchester University and Manchester Metropolitan University. The project aims to achieve BREEAM Excellent certification and includes environmentally friendly features like a green living roof and solar PV panels. Construction is set to begin in April 2024, with delivery scheduled for the 2027/2028 academic year. Dominus, in partnership with Whitbread, will oversee the development.

(PRESS RELEASE) LONDON, 9-Sep-2023 — /EuropaWire/ — Savills and Gerald Eve have been appointed by award winning developer, Dominus, to secure a forward funding partner for a student accommodation scheme with a gross development value in excess of £200m. This will enable the development of a 37 story super-prime, high specification, student accommodation scheme, “Medlock Tower”, in Manchester.

The development will provide 1,014 bed spaces and is located close to both Manchester University and Manchester Metropolitan University. It is also designed with the ambition of achieving BREAAM Excellent and includes a green living roof, solar PV panels and new landscaped public areas.

The scheme, which gives opportunity to forward fund one of the last prime student developments in Manchester’s city centre, will be delivered by Dominus, in a joint venture with Whitbread. Construction is scheduled for April 2024, with delivery in time for the 2027/2028 academic year.

Preet Ahluwalia, Principal Director of Dominus, comments; “We are pleased to be launching this forward fund opportunity to the market, together with our joint venture partners, Whitbread. We have worked tirelessly over the last two years, together with our consultant teams to secure a planning consent and look forward to casting our attention to delivery.”

Lizzie Beagley, director in Savills Operational Capital Markets team, says; “We are very excited to take on this high-profile forward funding instruction for Dominus, which will deliver high quality student accommodation to a significantly undersupplied city.”

Jason Nearchou, partner at Gerald Eve, says; “This scheme will deliver the much-needed high quality accommodation that students expect in today’s market, while focusing on the ESG and building standards required by global capital.”

Dominus currently operates a portfolio of hotels in London, Oxford and Bath and has a student pipeline of over 4,000 beds in the UK.  Dominus is currently building c.1,500 student beds in the City of London, 713 in Hammersmith in addition to recently submitting a planning application for a 627 bed PBSA scheme in Bristol.

Media Contact:

Lizzie Beagley MRICS
Director, Operational Capital Markets
+44 (0) 7807 999 174

SOURCE: Savills