Plans for a new £120m science park on the outskirts of Exeter have taken a major step forward this week with the announcement that the land for the project has been purchased.

The South West of England Regional Development Agency (RDA) has invested £19m to enable to Devon County Council buy the 58acre site and to provide the infrastructure to open the planned science park by 2010.

The land for the site was bought from Exeter-based property company Eagle One.

The science park will offer extensive new facilities encouraging enterprise, science- and research and development-related activity and offering high quality space for businesses ranging from start-ups to major corporate headquarters.

It could also feature a new business hotel, conferencing facilities and a central building providing business support and local services as well as offices for the Science Park Management Company.

Subject to planning, construction of phase one of the science park plus site infrastructure will start as early as next year, funded by the RDA and delivered by a development partnership of Devon County Council and Eagle One. Eagle One will develop the first phase of buildings on the science park.

Ian Thompson, area director for the South West RDA, said: "The purchase of this land is of enormous strategic importance to the region. This has been a top priority for the RDA and, by opening up the opportunity for the Science Park and future growth for Exeter, illustrates how we can work with partners to invest to unlock the business potential of the region.

"The Science Park is part of a regional network, including Bristol and Plymouth, which the RDA is supporting and will help drive enterprise in Exeter as well as creating 2,000-plus jobs. The wider benefits are substantial, with the potential for more than 6,000 highly skilled jobs, new homes and £0.6 billion of investment in the East of Exeter Growth Area."