The main construction contract is expected to come in at between £37m and £35m.
Already on board the project team is architects Feilden Clegg Bradley Studios (FCB), alongside WYG as civil and structural and engineer, Hoare Lea as mechanical and electrical consultant and Faithful and Gould as quantity surveyor.
The new Conservatoire will provide facilities for music students, incorporating a concert hall, rehearsal and practice rooms, recording studios and teaching spaces.
Building work will begin in the summer of 2015 and is scheduled for completion in summer 2017. It will be situated alongside Millennium Point, next to Jennens Road in Eastside.
“This is a very significant new building for Birmingham City University and will provide a world class performance venue for both the university and the city,” said FCB partner Andy Theobald.
WYG director Anthony Fuller added: “The Birmingham Conservatoire is famous across the world for its state-of-the-art music facilities. The decision to relocate the building to the city’s learning quarter is a fantastic opportunity for WYG to redesign the structure of the building so that it reflects the unique and contemporary education provided by Birmingham City University.”