Construction group Interserve and its consortium have been awarded a £105m project from Durham University to design, build, finance and operate two new college facilities in the UK.

The project is part of the university’s strategy to offer world-class research and education, as well as a wider student experience.

Interserve’s consortium includes fund and asset management firm Equitix and on-campus student accommodation developer and operator Campus Living Villages UK.

As part of the deal, the consortium will design, build, finance and operate the new facilities on a 51-year concession.

“This project builds on our extensive experience in the further education sector and our strong 15-year relationship with Durham University.”

The scope of the project includes the design and construction of two new facilities featuring 1,000 bed spaces, a new University hub with a 300-seat banquet hall, and sports and music facilities.

Interserve CEO Debbie White said: “We are delighted to have reached financial close on this project and look forward to starting on site imminently.

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“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.”

Interserve will begin construction on the project shortly, which is expected to be completed in 2020.

Durham University vice-chancellor Stuart Corbridge 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.”