Interserve and its consortium have reached financial close on a £105 million project for Durham University.
The scheme – Mount Oswald – forms part of the University’s strategy to deliver world-class research, education and a wider student experience. The Interserve-led consortium announced that it was 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. 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.
Professor Stuart Corbridge, Vice-Chancellor at Durham University, said: “Our ambitious University Strategy, 2017-2027 aims to ensure we continue to deliver world-class research, education and wider student experience. 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.”
The project marks the continuing of a 15-year relationship between the University and Interserve.