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HIE approve £25m for development of Academic Campus
HIE confirms funding for Inverness Campus
Issued: Thursday 17 September 2009
Plans for a multi-million pound education and business park which could accommodate thousands of high quality jobs in Inverness have taken a major step forward.
The Board of Highlands and Islands Enterprise (HIE) has agreed to invest up to £25m to open up the 120-acre Inverness Campus site at Beechwood Farm, which is bordered by the A9 and A96, a mile and a half east of the city centre.
HIE acquired Beechwood Farm earlier this year, and has already invested or committed £5.4m to buy the land and develop a masterplan in consultation with a range of potential partners and stakeholders.
The development agency believes Beechwood has the capacity to become a 21st century campus for academic institutions including the University of the Highlands and Islands, Inverness College and the Scottish Agricultural College, as well as an outstandingly attractive location for a range of businesses and other organisations.
Funding approved by the HIE Board will be earmarked for site servicing works over the next five years, creating access to transport links and essential services such as water and electricity, as well as attractive landscaping.
HIE envisages that the site, when fully developed, has the capacity to support up to 6,000 jobs by 2030, attract investment of around £300 million, and generate more than £38m for the regional economy every year.
It will be marketed worldwide through Scottish Development International as a premier business location for foreign investment in Scotland.
Development of a world-class campus for UHI is also seen as critical in addressing the Highlands and Islands’ current shortage of young people. A recent HIE survey confirmed that the region has around 18,000 fewer 18-30 year-olds when compared with the age profile of Scotland’s population.
Many of the young people surveyed cited the lack of a Highlands and Islands university as a key factor in their decision to live outwith the region.
The Board considered a broad range of alternative options at its meeting on Wednesday 16 September.
At the top end of the price scale was a development including a district heating scheme, superior landscaping, public art and a network of road and pathways, at a projected cost of £43.4m.
Cheapest was a ‘do nothing’ option which would have seen HIE abandon its plans altogether.
The preferred choice won through for its ability to balance the Board's ambitious vision for a high quality campus in the Highland capital with its commitment to support businesses and social enterprises of growth across the Highlands and Islands, and to respond to the specific needs of the region's fragile areas.
The organisation’s Chair, William Roe, says the campus development is one of number of ‘transformational projects’ HIE is delivering to help the Highlands and Islands achieve sustainable economic growth following the recession.
“Inverness Campus is the biggest project that HIE has ever undertaken,” said Mr Roe.
“It’s not just a big investment for us. It stands to attract many millions from other sources over the next 20 years, and to have a huge economic impact on the city and the wider region.
“HIE is carrying out transformational projects throughout the Highlands and Islands, ranging from a highly innovative creative industries project in Shetland to cutting edge renewable energy manufacturing in Kintyre.
“It’s a critical step in enabling UHI to establish itself as a key academic institution in Scotland. That in turn will help us attract and retain more young people which is a vital part of our plan for population growth.
“In deciding to back Inverness Campus, the Board members were very mindful of the potential impact such a large scale project could have on our budget, and our ability to deliver growth elsewhere.
“That’s why it was important to us to look at every possible option which was open to us, from the most expensive development all the way down to abandoning the project altogether.
“In the end, I’m pleased we have made the right decision. An opportunity like this comes along once in a generation if you’re lucky.
“The chosen option preserves the ambitious vision of the campus project in a way which is affordable and will enable us to continue to invest in other parts of the region, including our most fragile areas.”
As its next step, HIE will seek to establish a formal partnership with organisations whose participation will be central to the success of the development, including UHI, Inverness College and the Scottish Agricultural College.
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For further information:
Chris Roberts
Tel 01463 244236 / 07771 977821
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