Guitarist Brian said, "It's very nostalgic. It hasn't been that long for me because I came back here to finish off my PhD in 2007, so it's a familiar place. It was such a long time ago."
"We've been very lucky. We've had a lot of recognition and stuff like that but it's very nice because it does hold all kinds of memories for us. I've just discovered my 1970 diary it's quite revelatory! A lot of our activity revolved around this college," drummer Roger added.
PRS for Music created the Heritage Award scheme in 2009, to recognise important live music venues where successful artists performed.
Queen have sold 300 million records worldwide, including 16 number one albums and 18 number one singles in the UK.
Lead singer Freddie died in 1991, while bassist John retired in 1997, leaving just Brian and Roger to perform as Queen.