There is a degree of good news for Uxbridge amidst the credit crunch gloom - a second university will be associated with the town.

Buckinghamshire New University secured the lease last Tuesday to the 40,000sq ft building at 106, Oxford Road, and nursing students will transfer there from September. The empty building is surrounded by a temporary wooden fence while it awaits refurbishment.

The university said the Uxbridge location will benefit students in their work with the NHS, as they will be closer to the areas where they undertake their placements, with many working at Hillingdon Hospital in Pield Heath Road.

The university confirmed it is searching for accommodation in the town, so both the rented housing and retail sectors will be buoyed by the news.

Dr Ruth Farwell, vice-chancellor of Buckinghamshire New University, said: "Moving to Uxbridge is something we have been looking at for a while now, and we haven't let the credit crunch hold us back.

"The Uxbridge site will provide an ideal base for our nursing programmes as well as our applied research in health.

"We are delighted to have secured the agreement and look forward to having a west London location from September 2009. Having a site in Uxbridge town centre will actually help us attract more students; it is more practical.

"Our new facilities there will be used to provide education for health professionals of the future, so you could say it's giving everyone a new lease of life.

"We are currently looking at private rented accommodation for our students to move into."

Anne Newton, deputy director for learning and school effectiveness at Hillingdon Council, said: "We welcome Buckinghamshire New University to Hillingdon and look forward to working with them to support learning and career pathways for students in the borough.

"We have already been working closely with the university on Hillingdon's education strategy for 14-19-year-olds and look forward to further involvement with them in the future."