Real estate adviser DTZ has been working in partnership with Burnley Council on a market demand study for an education and enterprise park adjacent to the £80m University of Central Lancashire and College campus.
DTZ said site assembly is now complete for the 130,000 sq ft development, located on a five acre site just off junction 11 of the M65 motorway, and a supportive planning framework is in place with a developer competition planned for early 2011.
Partners Burnley Council, UCLan, Burnley College and the North West Development Agency have been working on plans for the Burnley education and enterprise park since 2007.
The aspiration is for 130,000 sq ft of high quality commercial space adjacent to the new Burnley College and UCLan campus on Princess Way. This will comprise a 30,000 sq ft enterprise centre, and a 100,000 sq ft enterprise park providing B1 office and workshop space.
DTZ added that it hoped the park will support Pennine Lancashire's growth in the digital sector and add further strength to an advanced manufacturing sector that includes companies such as Aircelle, Unison Engineering and Rolls Royce.
Deborah Murray, associate director of DTZ's development consulting team in Manchester, who has been leading on the market demand study, said: "Burnley education and enterprise park is in a great gateway location. It benefits from unrivalled proximity to both the town centre and strategic road connections, enjoys the presence and commitment of the North West's leading university for business generation and will be located within a high quality environment, which will be further enhanced through the committed public realm works.
"This is a very exciting opportunity for Burnley. The partners have worked closely together to get all the right building blocks in place. The enterprise centre will anchor the scheme and has the potential to be the foremost enterprise centre in Pennine Lancashire."
Murray said the education and enterprise park has received a further boost through a £1m public realm scheme by Burnley Council to start on site early in 2011 to improve links to the town centre.
Cllr Charlie Briggs, leader of Burnley Council, added: "The transformation of the whole gateway will act as a catalyst to attracting high value businesses and jobs to the education and enterprise park and ensure the fantastic new business park, alongside the iconic University of Central Lancashire and Burnley College Campus are set in a modern environment befitting of their design and visual impact."