A £3.8MILLION expansion of Malvern Hills Science Park is set to create up to 150 new jobs in the town.
The project, which is now underway and set to be finished in 12 months, will boost physical space and employment at the Geraldine Road site by about 50 per cent.
Malvern Hills District Council and Worcestershire County Council have bought shares in the science park to fund the ‘Phase 4’ development which will add an entire 25,000 square foot block.
Both authorities will receive annual dividends on the investment which will be much welcomed as they battle continued funding reductions from central Government.
Science park bosses also estimate the new workers will generate up to £2million a year towards the local economy.
The park is currently at capacity with 25 firms based there with a waiting list of businesses ready to take up space. Current tenant UTC Aerospace Systems will become the sole occupant of the new block freeing up room elsewhere across the park.
Alan White, chief executive at Malvern Hills Science Park, said: “We are very excited about this new development.
“It is another phase in the continued growth and long may it continue. I now want to be looking at phases 5, 6, 7 and 8.”
He added: “This is a great partnership between an existing tenant and the science park. It is an opportunity to the boost the local economy which means more Malvern jobs and money spent locally.”
A total of 113 people are employed at the science park by UTC’s ISR and Space Systems division. The firm specialises in surveillance and reconnaissance technology capable of showing the face on Big Ben in real time from a camera on the Isle of White.
Managing director Steve Trimble said: “At the moment we are spread over three different buildings which logistically is challenging.
“We are full to capacity and there is no room for us to grow.
“The new facility will solve these problems. We will be able to work together and collaborate as one team.”