Recently moved out of a quarter there; also a member of a local flying club where this has been discussed. Last I heard, there are people interested in buying it to run some sort of aviation operation out of there. This could be hearsay of course. No idea what will happen to the whole site - I imagine that it would be fairly easy to move 21 Sigs out of there, but the SGS?
Colerne is a beautiful place, with excellent links to Bath and Chippenham, with the M4 not too much further afield. The only thing that lets it down are the atrocious road links, which I think they would struggle to improve. That said, it could be the remote nature of the place that has allowed it to stay fairly underdeveloped, with a decent village/community feel.