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Reading University has approved the investment needed to build the first 拢50m phase of a new science park.

The 800,000 sq ft science and innovation park, masterplanned by architect Scott Brownrigg, includes labs and offices and won planning permission in 2010.

Sir David Bell, vice-chancellor of the university, said: 鈥淭here is a substantial market in the region for such a facility, with no dedicated science park currently operating in the Thames Valley or London.

鈥淲e 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.鈥�

The park will be constructed on a University-owned site in Shinfield, alongside the M4 and is expected to take up to 25 years to fully complete.

Phase one of the development will create 150,000 - 200,000 sq ft in three multi-tenanted office and laboratory buildings, including a Gateway building.

The university鈥檚 governing body said it has approved an initial investment of 拢25 million to create the site infrastructure and first three buildings, followed by a further 拢25 million, in time, to complete phase one.

Businesses interested in more information on the science park should contact David Gillham, Director of Research and Enterprise at the University of Reading, on 0118 378 8979.