The estimated value of the main construction contract is £58m with the build anticipated to commence in September 2017, enabling the college to take occupation by October 2019.

The new state-of-the-art facility will be located on the college’s former Middlefield site on Grangemouth Road. It will include modern, flexible and technology-enabled spaces and will boast industry standard workshops, laboratories and classrooms.

The campus will also have a Learning Resource Centre, food outlets, hair and beauty salons, conference space and sports facilities. In addition, the campus will be built with sustainability in mind and is aspiring to achieve a BREEAM rating of very good or excellent.

Architectural firm Reiach and Hall, which also designed the College’s new Alloa and Stirling campuses, has been appointed to design the new campus.

Other key partners include the Scottish Government, Scottish Funding Council, Scottish Futures Trust and AECOM.

Forth Valley College principal, Dr Ken Thomson, said: “Now that the full business case has been approved, the green light has been given for us to put the plans out to procurement so we can begin the process of choosing who should build what will be a fantastic new campus, a wonderful learning environment and a legacy building that Falkirk and Scotland as a whole will be proud of.

“All going well we should be looking at work starting in September 2017 with a completion date in August 2019. Situated close to the inspirational and innovative Kelpies, the Helix Park and the Falkirk Stadium, the new Campus will also further enhance what has developed into one of Scotland’s most vibrant economic and cultural hubs.

“It really is exciting times for further education in the Forth Valley area and we are delighted to be leading the way and showing that we are living up to our dynamic and inspirational mission statement of Making Learning Work.”

Deputy First Minister and cabinet secretary for education and skills, John Swinney, said: “I am delighted that the new Falkirk campus for Forth Valley College has been approved and that ‎students and staff will get the new state-of-the-art facility they need and deserve.

“This government is committed ‎to providing excellent college facilities across the country to enable the delivery of high quality learning and training, with over £550m invested in the estate since 2007.”

John Kemp, interim chief executive of the Scottish Funding Council, said: “In just over six years Forth Valley College has been able to build new, state-of-the-art campuses in Alloa, Stirling and now Falkirk. Today’s announcement means that all of the college’s 14,500 students will soon be learning in modern and inspiring buildings. I am pleased SFC has been able to play a key role in making this happen.”