Supported by the East of England development Agency (EEDA), the new development will create 130 jobs and help businesses and academics in the region accelerate the commercialisation of research and ensure the East of England remains globally competitive.
The development is the result of a successful partnership between the public, academic and private sectors - EEDA, Cranfield and Cambridge Universities and Colworth Science Park, which is managed by international property developers Goodman.
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Richard Ellis, Chair of EEDA, said: "It is great news that the Knowledge Hub and Innovation Centre have been granted planning permission at last."
He added: "The new business and lab space to be developed, and the new relationships established with the two universities, will appeal to researchers and scientific organisations around the world."
The state-of-the-art Knowledge Hub is supported by a £1.85m grant from EEDA to Cranfield and Cambridge Universities. It provides both universities with direct access to top quality office, networking and conferencing facilities.
The planning approval also gives permission for the development of an Innovation Centre and grow-on space, providing world-class laboratory and office facilities for small to medium sized companies.
Almost £4m of EEDA funding has been committed to Colworth to help develop the park as a 'third generation innovation' open science park.
(JM)
