Miller Group and Equitix Starting Immediately On New Inverness Campus
2nd June 2013
A consortium of Miller Group and Equitix has reached financial close on a £50m contract to build a new campus for Inverness College and will start work next month.
The new college will be the first and largest development at the multi-stakeholder Inverness campus site, which is currently being developed by Highlands & Islands Enterprise on the outskirts of the city. The 13.3 acre development is expected to create 300 jobs during construction.
The project is also the first college to be financed through the Scottish Futures Trust (SFT) non-profit distributing (NPD) model – an alternative finance model to the private finance initiative (PFI) that caps profits, returning any surplus to the state. The City of Glasgow and Kilmarnock colleges will follow later in the year using the same model.
Inverness College, part of the University of the Highlands and Islands (UHI), expects its new 20,000 square metre building to be a catalyst for economic development across the region and provide facilities for 8,500 students.
Equitix has entered into a 25 year commitment as 50% investor with funds coming from local authority and UK pension funds.
Miller Construction will provide its full end-to-end services offer in the delivery of the new College. The company has entered into a 25 year commitment as a 50% co-investor; Miller Construction will provide integrated design and build services and on-going facilities management for 25 years delivered through Miller Asset 24.
Inverness College UHI is the fifth revenue financed project to be closed by Miller Construction in the past 18 months. Investment director Mark Baxter said: “Measured from start to finish this has been a very fast procurement. Given this is the first of the new wave of NPD projects to close this is testament to the professionalism of all involved. We look forward to further closes this year and further NPD projects in the future.”
Work is expected to start on site immediately and will be completed in time for the beginning of the 2015 term.
ssive boost to the local economy with the main contractor committed to deliver at least 25 apprenticeship positions.
“When it opens in summer 2015, Inverness College UHI will be housed in modern, high quality and fit-for-purpose buildings and achieve great value-for-money thanks to the collaborative efforts and professionalism of all partners involv
Deputy first minister Nicola Sturgeon said: “The new £50m Inverness College UHI will be a landmark building, the centrepiece in a high quality, modern and sustainable campus being developed on the outskirts of the city.”
Barry White, chief executive of the Scottish Futures Trust (SFT), said: “Reaching financial close of a project of this size and complexity in only 17 months is unprecedented. This project, funded through the SFT led NPD programme, is a massive boost to the local economy with the main contractor committed to deliver at least 25 apprenticeship positions.
“When it opens in summer 2015, Inverness College UHI will be housed in modern, high quality and fit-for-purpose buildings and achieve great value-for-money thanks to the collaborative efforts and professionalism of all partners involved.”
Council welcomes progress on Inverness Campus.
Members of The Highland Council’s City of Inverness Area Committee have welcomed and endorsed the role of the Council in working with Highlands and Islands Enterprise (HIE) at the new Inverness Campus, in the East of the City.
The Inverness Campus is being hailed as a once in a generation opportunity for the region and will provide world class facilities for business, research and education organisations to work together.
City Leader, Councillor Ian Brown said: “We welcome the progress that is being made on the Inverness Campus site. The project fits well with the Council’s Programme aim of developing our urban centres, and supporting the creation of quality jobs in the Highlands. It will provide exciting opportunities for us all living, working, studying, researching and enjoying recreation in Inverness.”
Building on the success of adjacent Life Science facilities, Inverness Campus is being developed by HIE to provide high quality provision capable of attracting inward investment to Scotland.
Karen Thomson, HIE’s Inverness Campus Team Manager gave a presentation to the City of Inverness Area Committee on the project works. She said: “Inverness has a significant concentration of people researching and working in the commercial medical sector. Working with the Council and others we want to build on that to provide the facilities and environment which will attract global businesses.
“The Highlands and Islands offers tremendous investment opportunities. Partnership working is already happening, HIE and The Highland Council are in London as soon as next week at an event to promote our area as an investment location. This partnership approach, involving private businesses, the public sector and the community is vital to growth.”
Leader of The Highland Council, Councillor Drew Hendry added: “Inverness Campus is an international exemplar of cross-agency working and is exactly what Inverness should be on the world map. The high quality of works that have already taken place on the site are astounding. Inverness Campus will be somewhere that is very special and discussions are at an early stage regarding the opportunity for a Science Academy on site that could tie in learning Primary schools through to Further and Higher Education.”
A report to Council members stated that: “The Campus will allow a number of key business, research and education organisations to work together. Construction of the first phase, comprising 89 acres of serviced land (with planning consent for 55,000 sq m of development) is due for completion in the summer of 2013. The Campus aims to provide a range of facilities for the use of the local community. These will include a mix of recreational and sports amenities.”
Members were informed that:
· The Council’s contribution towards the development of phase one is in the provision of improved road access, including road widening at key access points off the A9. The improvement of additional sections of the B9006 Culloden Road and the installation of improved public transport access into the Campus.
· Part of the site (5.46 hectares) has been designated by the Scottish Government as a Life Sciences Enterprise Area, and this will attract further Council assistance in the form of a Simplified Planning Protocol.
· Rates relief amounting to a maximum of £55,000 per annum, up to 2017 is also available, along with advice on skills from Skills Development Scotland and international marketing support from Scottish Development International.
The report added that:
· Work is about to commence on the site of the new £50M 20,000 sq m Inverness College UHI building.
· HIE is actively marketing the Inverness Campus, and there are a total of 15 plots available for sale in phase one of the development.
· The Council, as part of its Scottish Cities Alliance activities, is working closely with the Campus management to bring the development to a wider national and international developer/investor market.
Further information on the progress of the Inverness Campus Project is available on the HIE website at: http://www.hie.co.uk/growth-sectors/life-sciences/projects/inverness-campus.html
