Residents in a seaside town are being urged to dig deep to buy shares in a former college campus which could become a community learning hub.

The Rolle College building in Exmouth, East Devon, is up for sale by Plymouth University. Rolle Exmouth Limited (REL) has been set up to try to buy the building, and give it a new lease of life as an educational and community centre.

Now, directors are appealing to supporters to help them raise the £350,000 needed for the first phase of the project, by buying shares. They will cost £5 each, and will be available in bundles of 20, but those who want to make a smaller investment are being urged to club together.

REL director Roy Pryke said the project needed both the funding and the expression of support to unlock more money. He said: "It's absolutely critical that the community gets on board. They're the ones who said they did not want to lose Rolle as an educational facility, and they didn't want their young people to be forced out of Exmouth at the age of 16."

He said the expression of support from buying shares would help obtain funding from organisations such as the Big Lottery Fund.

Early signs are good. Last week, a public meeting was packed with people who backed the scheme and wanted to find out more.

It was addressed by Tim Jones, chairman of the heart of Devon Local Enterprise Partnership. He said Rolle could be a "key resource" for Exmouth, which would help it to develop its skills base and boost small businesses.

"Exmouth needs something that will compliment what's happening east of Exeter, where an estimated £2 billion will be invested in ventures like Skypark and the Exeter Gateway freight facility. Exmouth needs to be a part of that.

"This is exactly the kind of scheme that the Government has been encouraging, and something we are delighted to support. It's not about waiting for people to do something for you, but getting up and doing it yourself."

REL has worked with Plymouth University on an agreement to lease the land and buildings until 2015, and then to buy them outright.

It is in talks with Bicton College and Exeter College to provide vocational learning opportunities for adults and 16-year-olds seeking an alternative to A-levels.

The first phase of the work would involve refurbishing the Owen building, which would provide a room for conference and theatre, as well as a gym, a training room, work and performance arts space.

The Daw building, which contains classrooms and other facilities, would be brought back into use at a later stage.