FUNDING for a major regeneration of the former Compair site that will help make High Wycombe become "a true university town" has been secured.

An interest-free government loan of just over £1million looks set to be given to Wycombe District Council after cabinet members last night agreed to apply for their slice of money.

The rest of the money for the £3.3million project to build a new link road from Hughenden Avenue into the town centre will be provided by Buckinghamshire New University.

The government's Growing Places Fund will allocate £1.05million towards the cost needed to build the new main road and a further £300,000 will be made available to upgrade an existing access road. Both sums can be paid back at a zero per cent interest rate.

The road would run alongside the Hughenden stream through the Compair and De La Rue sites and would feature a bus stop and public footpath.

Members of the council's cabinet last night agreed to apply for the funding they were eligible for.

Council leader Alex Collingwood said: "In simple terms we are talking about a regeneration of the Hughenden Quarter and a regeneration of the university. There's plans to put additional accommodation there to make it a true university town.

"We'll go forward, not only in terms of education, but also in terms of business and jobs."

Cllr Hugh McCarthy added: "This is something which is quite important to the standing of this authority. We've been promising to sort out Compair for quite a while.

"It's an exceptionally popular part of our plan. It's a win-win for us - it has great public support and it does have great synergy with the town centre regeneration."

Last week Bucks New University revealed it wanted to build an extra 108 bedrooms in two new blocks at the Hughenden Park Student Village, which it hopes will be completed by September 2014.