Chorley’s leading college has announced it has spent £5m on buying their site.
Runshaw College has made a major investment in its Euxton Lane site by completing the purchase of the freehold to what used to be the Royal Ordnance Headquarters and the adjacent laboratory building that is leased to BAe Systems.
The college has rented their Euxton Lane building for the last 10 years, to successfully run Adult, Higher Education and Business Centre courses.
However, increased rent costs at a time when mortgage costs are decreasing have made it financially more attractive for the college to make this long-term commitment to the Euxton Lane site.
It has been financed by a long term bank loan.
The acquisition of the adjacent building gives the College security over all of the land to the west of the entrance to the estate.
The site is immediately behind the new Buckshaw Parkway railway station, which is already allowing more immediate access to the college for students travelling from Preston, Leyland, Adlington and Bolton.
A spokesman for the college said: “As a result of this purchase, the College hope that a number of internal and external improvements can be made to their Euxton Lane building and the grounds.
“In the longer term, the cost savings from owning rather than renting the building will help to maintain the college’s financial position at a time when government direct funding to colleges and universities is being progressively reduced.”