College group announces it is to sell Melton campus and theatre site
Melton’s college and theatre site is to be sold after Loughborough College Group announced this morning (Friday) that it had rejected three written proposals to take it on.
The college group launched a public consultation in October to seek potential new owners or investors in the Asfordby Road site because it said it was no longer financially viable to run alongside its further education offerings at Brooksby, Loughborough and Coalville.
It confirmed today that three proposals had been received but that ‘none had the financial backing that would allow the site to operate as a viable, sustainable venture’.
We reported last week that one of the proposals was from Discovery Trust to create a Post 16 special educational needs centre while another bid was to take on the theatre as a community-led organisation with local people buying shares to help fund it, alongside grant funding.
The college group say it is now inviting ‘new expressions of interest and comprehensive proposals that clearly demonstrate sustainability, community benefit, and financial viability’.
Corrie Harris, CEO at Loughborough College Group, said: “Although we are not discounting any proposals previously submitted, we are now encouraging a wider range of bidders to come forward with strong, sustainable offers that provide the best long-term value for the College Group and for our community.”
The college group say that any revenue generated from the Melton site will be reinvested directly back into the College Group, to support students, staff, and the future of young people across the region.
“As a public sector organisation, we have a responsibility to secure the best value for money,” Mrs Harris added.
“But equally, we hope the redevelopment of this site will provide something meaningful back to the community.”
The college group recently announced it was partnering with Melton Borough Council to develop a Cultural Hub at The Stockyard to provide spaces for small theatre productions and performing arts learning for its students.
Mrs Harris added: “The exciting plans for a Cultural Hub at The Stockyard offer a financially sustainable way to protect and grow the future of Performing Arts.
Responding to the College’s announcement, Councillor Pip Allnatt, leader of Melton Borough Council, added: “We deeply regret the closure of the college campus and sale of the site, but recognise the challenging financial position the college is in.
"Following their decision, we will work with them to secure the best possible future use for the site and our community.
"Given the anticipated closure of the theatre, we will do all we can to safeguard a cultural offer within Melton and will work with them and other stakeholders to develop a new cultural hub proposition, and one that can attract additional government funding to bring it to life.”
He added: “We will formally be considering an update on the Stockyard project at our Special Cabinet meeting on December 17 and will be considering how best to support the development of the Cultural hub as part of that process.
"We will be inviting anyone who wants to help shape and support the establishment of a new cultural offer in Melton to meet with us and potential funders, in the new year.”
Interested parties in the Melton college and theatre site are asked to email [email protected] to submit proposals.