THE NEW Island Free School will be built on the site of the old St Margaret's Primary School, Ventnor.
A report published on Monday (3), due to be considered next week by the Isle of Wight Council's property disposal sub committee, confirmed the authority was looking to sell land it owns at Lowtherville Industrial Estate, where the former school is located.
The sale will net the council £180,000.
The Free School will still have to buy St Margaret's from the Anglican Diocese and secure planning permission for the new school.
It had been hoped the school could take on Rew Valley Sports Centre, likely to lose its council funding later this year, but the proposal was not supported by the government's Education Funding Agency, which funds free schools.
The Island Free School will open in September at the former St Boniface Primary School, when it will remain until the new building is ready.
Other disposals due to be considered by the committee on Tuesday (11) include the sale of Oak House, Newport, to the Earl Mountbatten Hospice, and the proposed sale of land at East Cowes seafront to enable access to the proposed new marina.
The sale of Oak House, for £325,000, would enable the hospice to provide services for children and young people and create a facility to loan equipment to terminally ill people, enabling them to live independently at home.
The long leasehold disposal of council-owned land at East Cowes to the Homes and Communities Agency (HCA), at a peppercorn rent, would contribute to the wider regeneration of the town. Last year, planning permission was granted for a 300-berth marina and hotel.