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Howard
You have a known investment horizon/exit point and a specific requirement/future need -one which you could probably do a bit of a guesstimate of what return is necessary to achieve that.
Assuming both you and your kids' mum/dad have already both maxed out your ISA for 18/19 and are sure you'll both still have the spare ~£40k for 19/20, then look for a product that matches your specific investment horizon. There are school fee plans/products so I'd be surprised if there wasn't something for uni fees.
Investing in such a speculative, tax inefficient market without specialist knowledge is a fundamentally bad idea. The fact that you already know you'll want to realise the gain in a set time period makes it worse as you loose the ability to wait for the market to recover if it goes south. How much do you think a 15yo no-date sub (the most stable of watches) was worth in '07/08 after the crash and how easy would it have been to sell?
@TGR - you'll need to speak to each insurancer to check.
As a general rule most H&C insurers have a single item limit of ~£1k which you don't need to list. Then some will have an obligation to list any watches/jewellery over £x (which may be more/less than the single item limit).
From memory Direct Line have a high single item limit. If you only have one expensive watch Esure are good value - although everything about you will need to be vanilla.