The University of Reading in the UK has unveiled plans to develop a new £50m Science and Innovation Park at Thames Valley.
The new park, which will be built on a university-owned site in Shinfield alongside the M4, is expected to take 20-25 years to complete.
In 2010, the university secured permission from Wokingham Borough Council to develop the first phase of the park.
The first phase of the project will involve development of 150,000ft²-200,000ft² of space comprising three office and laboratory buildings, as well as a Gateway building.
The university’s governing body has approved an initial investment of £25m to create the site infrastructure and first three buildings, followed by an additional £25m to complete phase one.
University of Reading vice-chancellor David Bell said there is a substantial market in the region for such a facility, with no dedicated science park currently operating in the Thames Valley or London.
"We expect strong demand from both UK and international companies seeking a prominent Thames Valley location, while the science park will also be the natural choice for London-based companies that are looking for space to expand, as well as emergent Thames Valley SMEs," Bell said.
University of Reading, in partnership with Wokingham Borough Council, has already secured an investment of about £25m for the Shinfield Eastern Relief Road.
After completion, the road will have access to the science and innovation park and the Shinfield West housing development.
Image: The science and innovation park is expected to take 20-25 years to complete. Photo: courtesy of University of Reading.