Interserve, an international support services and construction group, and its consortium have reached financial closure on a £105m project for Durham University.
The scheme is called Mount Oswald and forms part of the university’s strategy to deliver high-end research and education for its students. The Interserve-led consortium announced that it was the preferred bidder for the project in October 2017.
The consortium, made up of Interserve; fund and asset management firm, Equitix and on-campus student accommodation developer and operator, Campus Living Villages UK, will design, build, finance and operate two new college facilities on a 51-year concession.
Debbie White, Interserve’s chief executive, said: “We are delighted to have reached financial close on this project and look forward to starting on site imminently.
“This project builds on our extensive experience in the further education sector and our strong 15-year relationship with Durham University.
“Through our understanding and expertise in delivering market leading education projects, we are proud to be supporting Durham University to realise their University Strategy 2017-2027 by delivering these world-class facilities.”
The project will mark the first new Durham University college to be founded in the city since 2006.
Interserve will be responsible for designing and building the two new college facilities – totalling 1,000 bed spaces – plus a feature new university hub building with 300-seat banquet hall, sports and music facilities.
Work will commence shortly with the scheme due to be completed in 2020.
The project is set to mark the continuing of a 15-year relationship between the university and Interserve. The facilities are being built on a university-acquired site, south of the city.
Professor Stuart Corbridge, vice chancellor at Durham University, added: “The development of two college facilities at Mount Oswald, including one brand new college and a purpose-built new home for our John Snow College, is a key project in delivering a wider student experience as good as anywhere in the world.
“We are pleased to have reached financial close and look forward to work beginning on site shortly.”
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