Subject to securing planning approval and funding arrangements, the University hopes to start construction in 2015 on the three-year project.

The CPO covers land for a new road through Avon Nunn Mills – the largest site in the Northampton Enterprise Zone.

Located next to the River Nene, the brownfield site includes a disused Avon Cosmetics factory, as well as a former power station owned by Taylor Wimpey UK and Persimmon Homes.

Peter Mawson, chief executive of West Northamptonshire Development Corporation, said: “The University campus will be an unprecedented development for Northampton, breathing new life into its town centre.

“It is the jewel in the crown of an exciting regeneration programme, with nearby projects ranging from a new railway station to riverfront offices starting construction this year”