Ibex House in the City of London is being converted into a 382-room hotel after developer Dominus and investment manager Cheyne Capital were granted planning permission.
Built between 1935 and 1937, Ibex House, 42-47 The Minories, is a Grade II-listed Art Deco building.
The plans include more than 50,000 sq ft of public area, a conference centre with a ballroom, flexible meeting spaces, a café, and the upgrading, reinvention and reopening of the currently closed ‘Peacock’ pub.
The plan is for the hotel to open in 2028.
Preet Ahluwalia, chief executive at Dominus, said: “Drawing on our development and operational expertise, we will transform this vacant office building into a landmark hotel that will celebrate its Art Deco design.
“Our plans include opening up the ground floor with a pub, café and hospitality academy as part of our commitment to creating exceptional spaces that deliver long-term value.”
Dominus already operates six hotels, mainly in Central London.
The plans will retain the building’s substructure and 90% of its superstructure.
The café will open onto the Minories and Portsoken Street.
The ground floor will include an on-site ‘Hospitality Academy’, working in partnership with The Springboard Charity. The Academy will offer training and employment pathways for local people, with a focus on those who face barriers to employment. It is expected that the hotel will employ over 160 people once operational.
Hamish Gordon, director in Cheyne Capital’s Real Estate Group, said: “The plans for Ibex House preserve the character of this landmark building while supporting the City of London’s Destination City ambitions and long-term economic growth.
“That is why we are pleased to continue our partnership with Dominus on a project that combines heritage restoration with the delivery of a high-quality hotel asset.”
Dominus and Cheyne Capital previously worked together on the 2024 acquisition of 65 Fleet Street.
Together they are delivering an 875-bed student living scheme while also restoring the Grade II-listed Tipperary pub, London’s oldest Irish pub, and the Grade II-listed Whitefriars Crypt.
Farran Keenan, senior architect at Studio Moren, said: “This iconic Art Deco building set a benchmark for office design when it was built nearly 80 years ago.
“While the office space has since become tired and underused, the elegance and enduring appeal of its character remain.
“Our vision for architecture and interior design places the preservation and celebration of its Art Deco heritage at the heart of its transformation into a contemporary landmark hotel.”