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The Crown Estate has acquired a plot of land next to a major science center oxfordshire As part of a pledge to inject £1.5 billion into the sector.
The Harwell East site is earmarked for the development of a potential 4.5 million square feet of office, laboratory and manufacturing space and 400 new homes.
It means the site, which is currently agricultural land, will be added to the wider portfolio of the Crown Estate, which oversees the royal family’s lands and property.
The 221-acre site is located adjacent to the Harwell Science and Innovation Campus oxfordshireHome to facilities of companies including vaccine manufacturers Modern and the UK Space Agency.
More than 50 organizations have joined the Leading Science Center over the past two years.
Harwell East is expected to be developed to provide additional space for laboratories and advanced manufacturing facilities to help meet the growing demand among businesses.
The Crown Estate said there is currently a shortage of space for early-stage businesses in places like Oxford, making it harder for them to remain and expand in the UK.
It is working to secure planning permission to build on the area.
Dan Labbad, Chief Executive of the Crown Estate, said: “The UK science, innovation and technology community is pushing the boundaries of progress in areas ranging from AI (artificial intelligence) to advanced manufacturing.
“But they need specialized laboratory facilities and accommodation to realize the potential.
“Harwell East’s ambition is to create space for great science to flourish and to foster growth and success not only in the region but for the benefit of the entire country.”
Science Minister Lord Vallance said: “Opening Harwell East can help the talented businesses and innovators based here to expand and tackle the grand challenges of our age, while giving them access to the laboratories, facilities and homes they need to do their work.
“The huge economic potential of this site underlines exactly why we are determined to fully unlock Oxford-Cambridge “Growth corridor as an engine for nationwide development.”
The Crown Estate has pledged to invest up to £1.5 billion in science, technology and innovation sectors across the UK over 15 years.
It is run as an independent business, but belongs to the monarch for the duration of her reign, with a £15 billion portfolio of properties spread across the country, including London’s West End.
The profits earned by the company are partly used to finance the operations of the monarchy.