The University of St Andrews has launched a £24 million bid to further redevelop the site of its Eden Campus at Guardbridge.

If approved, the development would form part of the £1.84 billion Tay Cities Deal package of 50 projects across Tayside and north east Fife which was announced earlier this month.

The university has already invested £25m in its award-winning green energy centre at the Eden Campus, which pumps hot water four miles to St Andrews to heat university buildings.

The latest project would see the redevelopment of an additional 5500 square metres of existing derelict buildings at the site and could see the creation of 500 new jobs.

More than 350 university staff are to relocate from St Andrews to the Eden Campus in 2018.

The bid has the backing of North East Fife MSP Willie Rennie, North East Fife MP Stephen Gethins and Tay Bridgehead Councillors Tim Brett and Bill Connor who represent Guardbridge.

It is predicted that the funding could unlock up to £75m of other inward investment within the first five years from a mixture of industry and private sector investors.

Specific projects earmarked for the bid are:

University of St Andrews quaestor and factor, Derek Watson, said: “With Tay Cities Deal help, we can continue to redevelop buildings and provide the necessary infrastructure to co-locate exciting new industry alongside academic expertise from across Scotland.

“Our plans for Eden Campus are ambitious but with help from our partners in the Tay Cities region and government support we believe we can make a genuine contribution to the government’s strategic objectives and society as a whole.”

Willie Rennie said: “I am delighted that the University is putting forward ambitious proposals to further develop their Eden Campus. This is a strong bid which would build on the existing investment. The University’s redevelopment of Guardbridge has my full support.”

Stephen Gethins added: “This is a very welcome investment by the University which will create 500 new jobs and transform another area of the Guardbridge site creating the potential for further investment in the area. I am delighted that the University has taken this step; its continued commitment to the Eden Campus project is great news for the local economy and surrounding communities. The University of St Andrews is leading the way in green energy and it is fantastic to see the Guardbridge site developed in this way.”