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Standing near the site of Watt’s birthplace, the James Watt Memorial College on the corner of William Street and Dalrymple Street was officially opened as the Watt Memorial Engineering and Navigation School in June 1908. The building was endowed by Andrew Carnegie. It is known locally as "The Watt School" or "The Watt Memorial School".

Marine engineering and navigation were the main subjects and the proximity to the busy docks at Greenock and Port Glasgow meant that the college was convenient for seamen from around the world who wanted to study while in port.

The college closed in 1973 when the new James Watt College opened at Finnart Street in the west end of the town.

Extensive renovation and restoration by Inverclyde Council (costing around £2,000,000) is nearing completion at the time of writing (Augst 2017). This includes installation of a lift, new heating and ventilation systems and the repair of the B listed Link façade. On completion, the building will provide office accommodation for the Council's Environmental Services department.