HM Treasury guarantee to help financing for the £330 million University of Northampton’s Waterside Project
Treasury confirms it will guarantee borrowing up to £292 million for the University of Northampton’s Waterside Project.
The Treasury confirmed yesterday that it will guarantee borrowing up to £292 million for the University of Northampton’s Waterside Project, which will see the University relocating into a brand new purpose-built facility in the town’s centre.
The new site is located within the Northampton Waterside Enterprise Zone, designated to encourage local growth and create new jobs. Site remediation is already underway, with full construction due to begin next year. The University expects its 14,500 student population to start using the new campus in autumn 2018.
The total funding required to deliver the project is £330 million, with up to £232 million being raised through the issuance of a public bond and £60m coming from the Public Works Loan Board (PWLB). The remainder of the funding will be coming from the University’s cash reserves and capital receipts from the sale of existing campuses.
This is the latest project to be supported by the UK Guarantees scheme, which was set up to allow the UK government to act as a loan guarantor to major infrastructure projects. Over £3bn of infrastructure projects have now been brought forward as a result of the scheme.
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. This is an important part of our long term economic plan for Northampton.
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.
Nick Petford, University Vice Chancellor said:
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), 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.
Latest News from
Welsh steel’s future secured as UK Government and Tata Steel announce Port Talbot green transition proposal15/09/2023 14:10:00
The UK Government and Tata Steel agree on joint investment package to secure a sustainable future for steelmaking in Port Talbot.
£12.4 million to help change choices about work12/09/2023 15:20:00
Six ground-breaking projects including an investigation looking at how endometriosis impacts women in the workplace have been awarded £12.4 million, the government has announced today, Tuesday 12 September.
Big steps forward in capital markets cooperation with India11/09/2023 16:10:00
Indian firms could soon list in London, it has been announced as part of a package of plans unveiled today by the Chancellor Jeremy Hunt alongside Indian Finance Minister Nirmala Sitharaman, as they met in Delhi for face-to-face talks.
£381m boost for EV charging as Chancellor opens West Midlands hub07/09/2023 15:10:00
The charging hub is big enough to charge 180 cars simultaneously
UK science facility that kickstarted Covid drug development granted £500 million upgrade fund06/09/2023 10:17:00
Science and Technology Secretary announces that the Diamond Light Source science facility in Oxfordshire will be upgraded through a £500 million investment.
Over £50 million awarded to cutting edge manufacturing projects05/09/2023 11:24:00
Cutting edge projects in battery, self-driving and automotive R&D will receive millions in funding, driving innovation in energy storage and self-driving technologies.
Free access to cash protected18/08/2023 11:10:00
The vast majority of people and businesses are set to be no further than three miles away from withdrawing cash under a new framework set out by the Treasury.