About £700m of investment is needed to raise student numbers at Ulster University’s Londonderry campus to 10,000, an interim report has found.

The Ulster University Magee Taskforce report said a significant part of that required £700m for expansion has already been secured or committed.

It also said progress on growing student numbers has been made, but a number of challenges remain.

Those challenges, the taskforce said, include the availability of suitable accommodation and a government set cap on Northern Ireland student numbers.

Established in March by Stormont’s Economy Minister Conor Murphy, the taskforce’s remit is to develop and oversee an action plan to expand the campus in Derry, formerly known as Magee.

The taskforce said the required £700m is needed for new teaching blocks, research space and student accommodation.

Its chair, Stephen Kelly, said Wednesday’s report marks “an important milestone” and gives the expansion a “pathway for delivery”.

The economy minister said the report provides the “basis of a plan, developed by and with local people, to actually deliver expansion”.

“The taskforce has set out exactly what is needed from various partners, including my department,” Mr Murphy said.

“We will now work together to finalise a delivery plan and drive progress towards the 10,000 target.”

Ulster University (UU) said it welcomed the publication of the taskforce report.

It has outlined its intention to increase numbers at the campus to more than 7,000 – currently there are about 5,000 students studying at UU in Derry.

It is expected to reach 6,500 students in two years and to further grow to 7,000 students in 2028.

In its first report, the taskforce identifies a number of key “asks” of, among others, the Stormont and Irish governments, UU and the local council.

Those requests, needed to help reach the expansion target, include:

• The Department for the Economy demonstrate in its financial planning how it will fund expansion at Magee
• Ulster University produces a time-lined growth plan for the campus to deliver the target 10,000 students
• Derry City and Strabane district Council support and expedite university-related planning applications
• The Irish government considers providing supplementary and recurrent funding for the medical school at Ulster University
• The Department for Infrastructure leads in the development of effective traffic management that balances the needs of the university population, the concerns of the wider community
• The Irish government is further updates its plan to fund the expansion of higher education in the north west
• The economy minister could demonstrate support for campus growth and its wider impact on the city and region by holding an annual public meeting in the city to report on progress

The taskforce found the availability and access to student accommodation is “a major obstacle” to reaching 10,000 students at the campus.

The report said that the university has previously argued that the lack of student accommodation is already having “a detrimental impact” on the university’s growth rate in the city.

The taskforce said accommodation will be an “immediate focus” in the coming months.

The taskforce further asks the Department for the Economy to review the policy on Maximum Student Numbers (MaSN), set by the department to control the number of students in Northern Ireland.

Consideration is needed, the taskforce report added, as to how the cap could be revised to support growth at the Derry campus beyond 10,000 students.

Mr Kelly said Wednesday’s report reflects “a sense of urgency and a unity of purpose after five years of inertia” around campus expansion.

For the first time, he said, expansion has “the commitment, the timeline and the indicative price”.

“We must maintain the course we are on, however hard, or challenging, it may seem,” he said.

UU’s vice-chancellor Prof Bartholomew thanked the taskforce for “the time spent exploring the changes that would be necessary to expand to 10,000”.

“We remain completely committed to growth at our campus in Derry~Londonderry, in line with our strategic commitment for better regional balance”.

The taskforce is due to deliver its final report and action plan by the end of 2024.