PUPILS at Carisbrooke College will have a new, purpose-built school.
The college will be rebuilt under the government’s Priority Schools Building Programme, which is also funding developments at Christ the King College, as reported last week.
A Carisbrooke spokesperson said: "This is fantastic, long-awaited news.
"We are looking forward to working with our school community to drive the project to provide a modern, functional building that helps us to deliver an innovative, exciting and engaging education to our deserving young people.
"We will be looking to set up a working party very soon and hope to recruit students, parents and the community to work with staff of the college including governors and members of the Island Innovation Trust."
The existing buildings, in Wellington Road, vary in age from 1950s to 2000.
All areas of the school have recently been refurbished but some of the buildings are old and need of to be modernised.
Meanwhile, Oakfield Primary School, which moved to the former Bishop Lovett Middle School site under school reorganisation, will also receive government cash.
Headteacher Laura Bosworth said: "When we knew we would be moving to our new site, we were aware, while it had huge potential, the state of the building was poor.
"Through Lottery Funding we have been able to develop the outdoor learning environment and now, we can look forward to providing suitable indoor learning space.
"Oakfield serves an area of high deprivation and life can be quite challenging for many of our families.
"Research shows children learn better in the right environment. It is even more exciting we can look forward to providing an outstanding new learning space for those children who face many barriers in their lives."