Interserve JV seals £105m Durham Uni DBFO deal

Aaron Morby 6 years ago
Share

An Interserve-led consortium has reached financial close on a £105m project for Durham University to finance, design, build and operate two new colleges.

Mount Oswald scheme will involve building two new colleges
Mount Oswald scheme will involve building two new colleges

Interserve was announced as preferred bidder for the Mount Oswald project in October 2017 when it was billed as a £85m scheme.

The consortium also containing fund and asset management firm Equitix and student accommodation developer and operator, Campus Living Villages UK, will design, build, finance and operate two new college facilities under a 51-year concession.

The project will mark the first new Durham University college to be founded in the city since 2006.

Residential accommodation is limited to four storeys in height. The Hub and College Hearts are two storeys.

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.

Planned new hub building

Work will commence shortly on the University-acquired site just to the south of the city with the scheme due to be completed in 2020.

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.”

Latest news

Build problems plunge Crest Nicholson to a £31m loss

House builder unearths more defects on completed sites
35 mins ago

Rebooted Amey lifts contract win rate to 1 in 3 bids

Amey chief says firm exceeded expectations in first year under new owners
29 mins ago

BAM Nuttall fined £2.3m after worker drowned

Court hears how series of safety failures led to tragedy
12 hours ago

OCU buys Scottish civils contractor RJ McLeod

Deal takes multi-utility infrastructure specialist revenue to over £800m
21 hours ago

£220m plan to restore secret wartime tunnels approved

Tunnels under High Holborn to become cultural exhibition space
20 hours ago

Galliford Try wins £69m Scottish school job

Deal sealed on Paisley Grammar School project in Renfrewshire
32 mins ago

Balfour wins design for £690m Skye transmission job

Main work contract for 137km power line to be awarded later this year
24 hours ago

Student and resi developer Fortis goes under

Cheshire based developer follows construction arm into liquidation
1 day ago

Construction output falls for third month running

Heavy rain and strong winds blamed for sharp fall in activity in April
24 hours ago

Plan in for Leeds 27-storey block of flats

390 flats planned at former Morgan Sindall office site
1 day ago

Firms readied for £1.5bn Parliament estate upkeep deal

Invitation to tender due to go out next month
1 day ago

Amey switches kit supplier

Deal with HSS was worth £24.5m a year to rental specialist
1 day ago

Track workers scatter to avoid runaway rail trolley

Track trolley careers 1km towards work site
1 day ago

Direct delivery model pays off as Murphy profit soars to £67m

Group operating margin jumps from 3% to 5% in record year
2 days ago

Ex-Galliard boss to lead Battersea next building phase

Don O’Sullivan joins as plans advance to start phase 3C of power station redevelopment
2 days ago

£100m Digbeth 33-storey flats job out to bid

483 flats will be delivered for Clarion housing association
2 days ago

Van Elle fined £233,000 after piling rig kills driver

Court hears how tragedy was caused by poorly maintained plant
2 days ago

Renew buys utilities contractor Excalon

Infrastructure giant expand into electricity transmission market with £26m deal
2 days ago

Planning for new homes plunges to record low

Home builders call for urgent action from incoming government
2 days ago

JTRE starts £400m 21-floor London tower scheme

Office block and 64 affordable homes to be built at 220 Blackfriars Road site
3 days ago

R G Carter construction profits up despite 24% revenue fall

Selective client choice help profit jump to £6m from £1m previously
3 days ago

Refurbs power London office work to record high

London Office Crane Survey office work starts exceed 4m sq ft for record third quarter
3 days ago

Knight Build owed money for work on UK’s poshest street

Contractor takes legal action over unpaid bills on new luxury flats complex
3 days ago

Winvic ranks top of May contracts league

Large residential scheme in Leeds caps strong haul of orders
3 days ago

Bid race starts for up £95m repairs to PFI hospital

Roseberry Park Hospital in Middlesbrough hit by serious defects
3 days ago

Building Safety changes slow down construction recovery

Confused market contains paradox of falling workload and contractors claiming they are too busy
3 days ago

Wates rejigs businesses as veteran leader retires

Wates Construction Group MD Paul Chandler to retire at end of year
6 days ago

Scaffolder dies from chemical burns

Tata Chemicals Europe fined £1.125m after death of Altrad scaffolder
6 days ago

M&E firms warn of persistent skills shortages

Shortage of adequately skilled workers blamed for slow growth
6 days ago

Southern Water names consultants for AMP8

Seven firms to share £240m in professional services spend
6 days ago

Contractor services