HM Treasury signals its support for the University of Northampton’s proposed £231.5 million bond. This is the first time HM Treasury has guaranteed a university bond – reflecting the significance of this large-scale development which will support the growth of the University and Northampton.
The University has worked in partnership with Northamptonshire County Council and Northampton Borough Council to secure £60 million of funding through the Public Works Loan Board.
The £291.5 million will be used by the University of Northampton to create its new Waterside Campus, which will bring together the University’s two current campuses into one central academic location. The new campus will create an innovative and modern home for one of the UK’s fastest growing universities. Situated within a designated Enterprise Zone, the campus will also expand the institution’s links to the local economy and create a vibrant new commercial and leisure district for the town.
Chancellor of the Exchequer, Rt Hon. George Osborne MP said: “I’m really pleased to see that the University of Northampton is proceeding with the Waterside Campus Project with help from the UK Guarantee Scheme and the Public Works Loan Board. Infrastructure projects that help to regenerate cities require huge financial commitments, and the UK is leading the way in finding innovative solutions to help these projects go ahead.
“The University is a vibrant part of the town, contributing £239 million to the local economy, and I look forward to seeing the new campus encourage further development of the Northampton Waterside Enterprise Zone. This is an important part of our long term economic plan for Northampton.”
Nick Petford, Vice Chancellor of the University of Northampton, comments: “The Government’s decision to guarantee our bond is a massive step forward for our campus development. Throughout the development of this project we have been working closely with our various partners, including the County and Borough Council, the Northampton Enterprise Partnership (NEP), the South East Midlands Enterprise Partnership (SEMLEP), the Higher Education funding Council (HEFCE) and HM Treasury, and it’s great to see that this collaboration is now bearing fruit. Our new Waterside Campus will help to continue the transformation of our institution into a world-leading centre for education, research and social impact.”
Councillor David Mackintosh, leader of Northampton Borough Council, said: “The University of Northampton is a critical element of our local economy and we are extremely pleased that the funding for the new Waterside campus is progressing. Through this project we are fostering even closer relationships and as the project moves forward we look forward to continuing to work together.”
Cllr Jim Harker, Leader of Northamptonshire County Council, said: “The University of Northampton is a very important element of our local economy and we are extremely pleased that the funding for the new Waterside campus is progressing. Through this project we are fostering even closer relationships and as the project moves forward we look forward to continuing to work together. The move to Waterside will complement our own plans for relocating our main offices to Angel Street and, between them, will bring an enormous boost to Northampton’s town centre economy.”
The University of Northampton is planning to open its new campus in Northampton’s Waterside Enterprise Zone in September 2018. Outline planning permission for the University’s relocation was granted in November 2013 and detailed planning was submitted in November 2014. The designs for the University’s academic buildings have been developed incorporating the University’s aims to provide a vibrant, modern and high-quality location for students, staff and the wider community.