London's Historic Ibex House to Become Art Deco Hotel After Planning Nod
LONDON – The City of London Corporation has granted planning permission for the transformation of the iconic Art Deco Ibex House into a landmark hotel, a move set to reshape a key corner of the Aldgate area. The joint venture between real estate investor Dominus and alternative investment manager Cheyne Capital will see the vacant 1930s office block converted into a 382-key, full-service hotel managed by Dominus's own platform.
Designed by Studio Moren, the ambitious scheme aims to preserve the building's historic character while injecting new life into the local economy. The project will retain 90% of the existing superstructure and the entire substructure, sensitively repurposing the Grade II-listed asset at 42-47 The Minories.
Beyond guest rooms, plans feature over 50,000 square feet of public areas, including a flexible conference centre, a new café, and the carefully restored Peacock pub. A cornerstone of the development is an on-site Hospitality Academy, created in partnership with charity Springboard, designed to provide training and career pathways for local residents and individuals facing employment barriers.
"We are not just building a hotel; we are reactivating a piece of London's heritage and integrating it into the community's future," said Dominus CEO Preet Ahluwalia. "By opening up the ground floor with vibrant social spaces and a dedicated academy, we are committed to delivering long-term value that goes beyond the balance sheet."
The hotel, expected to employ over 160 people upon opening in late 2028, aligns with the City of London's 'Destination City' initiative to boost the Square Mile's appeal as a seven-day-a-week visitor destination. The conversion follows the partnership's acquisition of the building in late 2025, marking their second major collaborative venture.
Voices from the City
Michael Thorne, Local Historian & Tour Guide: "This is a sensitive and welcome reuse. Ibex House is a fine example of streamlined Moderne architecture. Converting vacant offices into a destination that celebrates its design, rather than demolishing it, is precisely how we should steward our built heritage."
Sarah Chen, Urban Planning Consultant: "The inclusion of the Hospitality Academy is a smart, forward-thinking element. It addresses the sector's skills gap directly at the source and could become a model for how large developments can contribute tangibly to local social mobility."
David Reeves, Aldgate Resident & Community Activist: "Another luxury hotel? Great. Just what we need—more transient visitors and pressure on services. The 'community benefits' always sound good on paper, but will these jobs actually pay a liveable London wage? I'll believe it when I see it. This feels more like a sleek property play than a genuine investment in our neighbourhood."
Eleanor Shaw, Commercial Real Estate Analyst: "This approval signals continued confidence in London's long-term tourism recovery and the specific demand for high-quality accommodation in the City fringe. For investors, it's a textbook case of repurposing an obsolete asset class—office space—into an experiential one, which is where the market is heading."
This report is based on information from planning documents and company announcements.