The Mount Oswald development at Durham University was described as an £85m project back in October 2017 when Interserve’s consortium was picked as preferred bidder for the deal. Today it is costed at £105m.
The consortium is made up of Interserve, asset management firm Equitix and student accommodation specialist Campus Living Villages UK. It will design, build, finance and operate two new college facilities on a 51-year concession. The facilities are being built on a site just to the south of the city that the university has bought.
Interserve will be responsible for designing and building the two new college facilities, totalling 1,000 bed spaces, as well as a new hub building for the university with a 300-seat banquet hall and sports and music facilities.
The scheme is scheduled to be completed in 2020.
As part of the Durham University Strategy 2017-2027, academic programmes and colleges are being relocated from Queen’s Campus in Stockton to Durham, where student numbers will grow to a maximum of 21,500 by 2027 and 50% of students will live in collegiate accommodation.
Interserve chief executive Debbie White 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.”