Senior Ceredigion councillors have backed the purchase of a new “strategic asset” for the authority, but details of what it is or how much it will cost have been kept from the public.

At the 3 June meeting of Ceredigion County Council’s Cabinet, members were asked to approve the purchase of what was described as a “strategic asset,” funded through a loan from the Welsh Government.

The actual details of what this entails were kept from the public, the details only available for members, with strict warnings issued about disclosing information; the actual decision made after the press and public were excluded from the meeting.

A report presented by Councillor Clive Davies, Cabinet Member for Economy, Regeneration and Carbon Management said: “The Cabinet’s approval is sought for the acquisition of a new strategic asset for Ceredigion County Council, that aligns with each of Ceredigion County Council’s four Corporate Strategy Goals.

“The purchase of the asset, if approved, would be supported by a Welsh Government loan.

As the details of the sale, including the asset and its market value are currently commercially sensitive, the details of the asset and the agreed sale price are included in an exempt report.”

The sparse report provides little further detail but makes tentative hints about it being part of a wider project.

It says an Integrated Impact Assessment “for the element of the project represented by the purchase of the asset” has not yet been completed as “the asset would form part of a wider development, for which a full IIA will be produced and considered.”

It also says the exempt report contains details of the financing of the loan and exit strategy, representing an undisclosed figure.

At the meeting, members were warned that any disclosure or publishing of ‘sensitive’ information relating to the acquisition of the – as yet unnamed – asset would be considered as a breach of their code of conduct.

After the details were kept private, members authorised the purchase of the asset, and agreed a further report be received following completion of the legal agreement to purchase it, to provide the public with more detail around the acquisition.

While the nature, scale, cost, or even geographical location, of the asset have not been disclosed, it is understood that the move relates to the purchase of a site in Lampeter.

Earlier this year it was announced that Lampeter’s university campus would end undergraduate education at the site.

Since then, University of Wales Trinity St David, which is transferring courses to Carmarthen, has asked people to come up with alternative uses for the campus.

Graduates have issued a plea to reveal what proposals have been mooted after it emerged last month that 26 suggestions have already been made on what should happen to the campus.

Since then, community group Campws Cymuned Llambed/Community Campus Lampeter has come forward with a list of proposals including an integrated health centre, a school of gastronomy, social housing, and a site for a post-16 education centre for the south of the county.