“Since we are no longer using the building for the purpose we acquired the trust, we have decided to resign as Corporate Trust Manager,” chief operating officer Peter Creamer said today.

The NSW Department of Industry – Lands, who will assume control of the building until a suitable manager is found, has already held informal discussions with Armidale Regional Council to take over.

But administrator Ian Tiley said Council would only become managers if they could find a way to make it cost neutral.

“We would need to do a business plan first before making a decision,” he said.

“It would be contingent on it being break-even.”

The Express understands the facility was costing the university about $500,000 per year to maintain.

And that current tenants, including the New England Conservatorium of Music, are signing new tenancy agreements this afternoon.

“UNE has been assured by the NSW Department of Industry – Lands, that all tenure that is currently in effect between UNE and the tenants of the Old Teachers’ College including NECOM will be honoured,” Mr Creamer said.

The university has acted as the corporate trust manager of the CB Newling building since 1995.

On their website, UNE says they are charged with the care, control and management of the complex for both students and community use.

“The University undertakes this role on a voluntary basis and is under no obligation to continue as Trust Manager,” a Department of Industry - Lands spokeswoman said.