Four Glasgow colleges yesterday signed an agreement which clears the way for a £300m super-campus at the heart of the city centre.

The principals of Central College, Stow College, Glasgow Metropolitan College and Glasgow College of Nautical Studies have signed a joint memorandum to establish New Campus Glasgow - a company with the responsibility of developing the project.

In a joint statement, the four principals said: "We are committed to making the city centre super-campus a reality. This will be the largest and most ambitious college development project to have ever taken place in the UK and will also be one of the largest in Europe.

"It will offer world-class learning and teaching in cutting-edge facilities. Working in partnership over the next few years, we will achieve our shared goal of providing the very best learning opportunities possible for the citizens and the businesses of Glasgow."

The signing of the memorandum marks a significant step forward in the establishment of the campus, which has been dogged by disagreements between the various partner colleges.

The intention is to establish a fully integrated learning area by 2012 with facilities and modern halls of residence at sites in Cathedral Street and Thistle Street.

Yesterday, Fiona Hyslop, Education Secretary, welcomed the move: "Scotland's colleges are one of the key driving forces of our economy and are central to the Scottish Government's efforts to create a smarter, wealthier and fairer nation."

Steven Purcell, leader of Glasgow City Council, added: "The joint economic strategy for Glasgow identifies the crucial role which education and training is increasingly playing in the regeneration of the city."