Plans for a new £120 million Science Park on the outskirts of Exeter have taken a major step forward yesterday with the announcement that the land for the project has been purchased.

The South West of England Regional Development Agency (RDA) has agreed to invest up to £19 million to enable Devon County Council to buy the 23 hectare site east of the M5, near Junction 29 at Redhayes, and provide the infrastructure to open up the Science Park by 2010.

Work to bring the project to this stage has been done through a partnership of the RDA, the University of Exeter, Devon County Council, Exeter City Council, East Devon District Council and the Met Office.

As well as providing a site for the Science Park, the purchase from current landowners Eagle One also includes land needed for major Junction 29 improvements which will unlock the full potential of the East of Exeter Growth Area - the main business and housing growth area for Exeter over the next 20 years.

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Ian Thompson, Area Director for the South West RDA, said: "The purchase of this land is of enormous strategic importance to the region. This has been a top priority for the RDA and, by opening up the opportunity for the Science Park and future growth for Exeter, illustrates how we can work with partners to invest to unlock the business potential of the region."

The Science Park will play a key role in helping to diversify and reinforce the economy of Exeter through the development of knowledge-based businesses and capitalising on links with the technology base provided by the University of Exeter and the Met Office.

It will offer extensive new facilities encouraging enterprise, science- and research and development-related activity and offering high quality space for businesses ranging from start-ups to major corporate headquarters.

It is envisaged the Park will also feature a new business hotel, conferencing facilities and a central building providing business support and local services as well as offices for the Science Park Management Company.

Subject to planning, construction of phase one of the Science Park plus site infrastructure will start as early as next year, funded by the RDA and delivered by a development partnership of Devon County Council and Eagle One. The first phase of buildings on the Science Park will be developed by Eagle One.

(JM)