A £10 million investment which aims to transform the student and staff experience at the Tremough Campus in Penryn, was officially opened on Friday.

The Exchange offers “innovative learning, teaching and research facilities”, providing access to a full spectrum of academic and support services in one space.

Its layout gives opportunities for students and staff of both Falmouth University and University of Exeter, to interact, collaborate, study and socialise in a “vibrant environment”.

The building also includes a comprehensive student information service, The Compass; interactive learning booths and a dedicated careers zone designed to enhance student employability.

Its opening was attended by Penryn mayor, Gill Grant, along with other community representatives, friends, funders and those involved with its design and construction.

They were treated to Illuminate – a choreographed evening of film, dance and demonstrations showcasing the creativity and innovation that is nurtured at the campus.

Professor Anne Carlisle, vice-chancellor of Falmouth University, said: “The Exchange building is the culmination of the partnership of two great universities and offers both new models for learning and an innovative model to deliver learning in partnership. Over the last ten years, Falmouth has seen student numbers triple and we have benefited from more than £100 million of investment in our world-class facilities at our Penryn campus.

“We will use the opening of The Exchange, and our other achievements, as a springboard to build on the excellence of our teaching and facilities, and further our goal to be one of the top five specialist arts universities in the world by 2017.”

Professor Mark Overton, UoE’s deputy vice-chancellor added: “This campus is a work of true partnership and its rapid growth is testament to the hard work and inspiration of staff from the Universities of Exeter and Falmouth, and our shared services delivery partner, Falmouth Exeter Plus. The Exchange and our other significant developments on the Campus over the last few years will support an anticipated 5,000 students by 2016.”

Rich Pearson, vice-president, welfare, for the Falmouth and Exeter Students’ Union (FXU) said: “The students are thrilled by The Exchange which has already made a massive contribution to the overall student experience. Many have said that The Exchange has been the missing piece of the puzzle and we now truly have a world-class university campus.”

The Exchange building was made possible by £4.37 million from the Higher Education Funding Council for England, £3 million from the European Regional Development Fund Convergence Programme, £1 million from the South West Regional Development Agency, and a combined investment of almost £2 million from Falmouth and UoE.