Ambitious plans to create two new campuses for Dundee and Angus College could generate more than £1 billion for the region.
The Courier revealed last year that the college was plotting a takeover of the Wellgate Centre.
It is part of an unprecedented £265 million transformation plan.
Dundee and Angus College is looking to move from the Kingsway Campus in Dundee to a new facility at the Wellgate.
The current base – which opened in 1963 – would close.
Dundee city centre would also be transformed, with a green thoroughfare created to connect the Murraygate with the Hilltown.
There are also plans to move the Arbroath campus into the town centre.
One of a range of options being explored is developing the site occupied by the Abbeygate Shopping Centre.
The third part of the 10-year transformation is the potential expansion of the Gardyne campus. It would include construction, engineering and science in a new purpose-built STEM facility.
Financial benefits of college plan revealed
Now, a report by consultants BiGGAR Economics has revealed the potential financial benefit of the ambitious plans.
It details that there would be a 30% return on the initial investment of £265m in the project, with £10 worth of benefit for every £1 spent.
The development phase of the project is estimated to be worth £138m, including demolition income and potential development of vacated sites.
Overall, during the construction period and the first 20 years of operation, £1.8bn worth of benefits will be enjoyed by the region at today’s prices.
Increased footfall is also expected and community engagement with student-led services like hairdressing, a café bar, the training restaurant and beauty salon.
This is estimated to be 600 to 800 people a day in Dundee and 400 to 600 in Arbroath.
Thousands more in employment
A key aspect of the college’s vision is to co-create a “seamless employability service”.
This, it is hoped, will lead to higher course completion rates, greater onward employment for students and increased regional employment.
BiGGAR’s report details that a regional employment target of plus 3.5% in Dundee would equate to an extra 3,379 people in the city.
And plus 1% in Angus would equal an extra 681 in employment.
Hitting double that target would result in an extra 6,755 people in Dundee and 1,362 in Angus in work.
The potential increase in wages and improved wellbeing of students and staff has been quantified as being worth £130m to the community over 20 years.
Simon Hewitt, principal of Dundee and Angus College, said: “We always knew this project would have the potential to transform the region.
“But these figures go beyond our expectations.
“It is hard to think of much that could deliver almost £2bn worth of benefit, let alone such a straightforward concept of delivering employability services with lifelong learning and education in the centre of our communities.
“As well as the total economic impact, BiGGAR have identified a range of other benefits to the region.
“It makes you realise why so many people and organisations have welcomed our vision and are keen to back the plans or to collaborate.”
Conversation