The University of Kent has handed out a £13.4 million contract to build a new School of Economics.

The three-storey facility will be constructed by Willmott Dixon, the company which completed the £35 million new home for the university’s Kent Business School and School of Mathematics.

Its hoped the new building on the north-western part of the campus in Canterbury will be ready in time for the 2019-2020 academic year.

It will sit on the site of the recently demolished Kent Research and Development Centre.

Construction is due to start this month.

Roger Forsdyke, managing director for Willmott Dixon in the Southern Home Counties, said: “We are delighted to be working once again with the University of Kent, we’ll be bringing our experience of higher education and working in live environments on major hub projects to ensure we create a centrepiece that will provide an excellent learning environment for many generations to come.”

University of Kent chief operating officer Denise Everitt said: “The construction of a new School of Economics building forms part of the ongoing work at the university to continue to provide world-class teaching and research facilities for staff and students alike.

“This new building will also give the School of Economics a stronger visual focus and identity by providing a fit for purpose home on the Canterbury campus.

“The location brings Economics into closer proximity with Kent Business School and the School of Mathematics, Statistics and Actuarial Science to create an area of strength in financial and business subjects.

“It will allow us to provide a range of spaces that enhance the sense of academic community and allow us to grow our activities in line with our strategic plan.”