Funding cuts foil Plymouth's expansion plans

The University of Plymouth has blamed funding cuts for its decision to pull out of a multi-million pound expansion deal.

The university announced this week that it had pulled out of a deal with 바카라사이트 Edinburgh-based property developer Peaston Ltd to buy 바카라사이트 former Royal Naval Engineering College at Manadon, in Plymouth.

They say that 바카라사이트 higher-than-expected cost - at one time estimated at Pounds 30 million - to buy and convert 바카라사이트 former Ministry of Defence site was too high, particularly in 바카라사이트 light of 바카라사이트 funding cuts outlined in 바카라사이트 November Budget.

The university had hoped that 바카라사이트 imposing hill-top site, set in acres of grounds, would provide a new home for its engineering faculty, relieving congestion at its city centre campus.

There were also plans for residential accommodation and vice chancellor John Bull had hinted at longterm plans to use 바카라사이트 site as a base for 바카라사이트 south-west's first undergraduate medical school.

Professor Bull and Victor Parsons, 바카라사이트 university's chairman of governors, issued a joint statement on Tuesday which explained 바카라사이트 reasons for 바카라사이트 decision to pull out: "Our decision not to proceed with Manadon, only made after exhaustive consideration, relates to two factors: cost and 바카라사이트 severe impact of 바카라사이트 November Budget on higher education."

The statement explains that 바카라사이트 acquisition price was forced above its intrinsic educational value by 바카라사이트 competitive tendering process which 바카라사이트 Government insists on when disposing of its property.

It says that 바카라사이트 university might still have proceeded, despite 바카라사이트 extra costs of adapting 바카라사이트 site, which required a great deal of infrastructural work, if 바카라사이트 growth in higher education had continued at 2 or 3 per cent as projected and had not been affected by 바카라사이트 last Budget.

However, it continues: "in 바카라사이트 circumstances that now appertain, 바카라사이트 acquisition of Manadon would impose too great a financial burden on 바카라사이트 university".

The university is now looking to accelerate plans for alternative investment.