Burnley Council has selected Trebor Developments to develop up to 130,000 sq ft of commercial space next to the town's college and university campus aimed at engineering, manufacturing and digital businesses.
The 26-acre brownfield development, to be called Burnley Knowledge Park, will contain offices, workshops, and potentially an enterprise centre with incubation suites and managed workspace.
The project is supported by University of Central Lancashire, Burnley College and the Homes & Communities Agency.
UCLan's Burnley campus next door to the site of the Knowledge Park has a strong enterprise focus and track record for enterprise support through its Northern Lights Programme, producing student and graduate start-up businesses. The campus focuses on computing, engineering and science, media and creative arts, and business management and leadership.
Businesses on the Knowledge Park will have the opportunity to tap into the skills, research and knowledge on campus whilst students will be able to gain work-based experience.
Agent GVA has been retained to market the new commercial development.
Cllr Julie Cooper, leader of Burnley Council, said: "Trebor are delivering niche business parks across the UK, including the successful Malvern Hills Science Park, so I'm confident they'll deliver an attractive business park to bring new businesses to Burnley.
"The Knowledge Park will provide a unique offer to advanced manufacturing and digital industries who can tap into the advanced research and development, and the unrivalled manufacturing and robotic technologies from the adjacent Knowledge Quarter education campus."
Steve Rumbelow, chief executive of Burnley Council, said: "The vision is to make Burnley a regionally significant centre for advanced manufacturing, to achieve this it is important we create modern business environments in which these businesses can thrive and we are confident Trebor Developments will create the right environment to attract growing businesses from advanced engineering and digital industries.
"The council is working hard to promote the borough to attract new investment and to put in place the infrastructure to attract new businesses."
Bob Tattrie, managing partner for Trebor Developments LLP, commented: "We are particularly pleased to be focussing development proposals on advanced manufacturing, research and development and digital technologies as we have seen a significant increase in end-user demand from these key sectors and Burnley's status as the most Enterprising Place in the UK, together with Trebor Development's reputation and skills for enterprising developments, will I am sure deliver early development with key occupiers on this strategic site."