An Interserve-led consortium has reached financial close for the project, which will see two new college facilities built with a total of 1,000-student bed spaces at Mount Oswald.
Other features will include a new University hub building with 300-seat banquet hall, sports and music facilities.
The consortium is made up of Interserve, fund and asset management firm Equitix and on-campus student accommodation developer and operator, Campus Living Villages UK. Overall, the group will design, build, finance and operate the two new facilities and work is scheduled to begin shortly. Completion is scheduled for 2020.
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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."
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."
(LM/MH)
