FUNDS of £36M have been given to kickstart the first phase of the borough's new science park.

Located in Shinfield the first phase of the Thames Valley Science Park will open in spring 2017.

The 42 acre development has been speared headed by the University of Reading and the university council has now released funds for the first stage of development.

David Bell, vice-chancellor of the university, said: "This is a crucial next step in this major project.

"The Thames Valley Science Park will generate jobs, promote innovation and stimulate growth – nurturing start-up business and helping small firms grow rapidly.

"We are proud to be investing in the region, a major powerhouse of the British economy.

"This initial building phase means we are on track to open next year, with the first wave to tenants confirmed later in 2016."

The first stage of the development will include a link to the Shinfield Eastern Relief Road which includes a £3m share of the released funds.

The development is expected to take 25 years before being completed and will employ up to 5,000 people and 800,000 square feet of flexible laboratory and office space.

David Gillham, Director of Thames Valley Science Park, said: "This announcement represents a significant milestone in what has been a long term ambition for the University and builds on the already significant cluster of high growth potential companies already based in our business centres on the Whiteknights Campus.

"Our ambition is to create a science park with international structure and reputation."

Wokingham Borough Council gave planning permission to the first stage of the development at a meeting in August last year.

They worked with the university to secure a £25m loan from the Homes & Communities Agency to help fund the 1.8km relief road.