ESSEX University has been handed a £5million boost to extend a base for new business start-ups.

The cash, from South East Local Enterprise Partnership (SELEP) will fund the expansion of the Parkside Office Village project at the Knowledge Gateway to offer more space for new businesses.

One of the purposes of the project is to help retain highly skilled workers within the local economy, who would otherwise move away after graduation.

The gateway is already home of 25 businesses, collectively employing 270 people, 34 of whom are graduates or students of the university.

Overall, the £10.5m project is expected to deliver up to 300 jobs by 2022.

SELEP previously provided Growing Places Fund (GPF) loan funding to support the earlier phases of development.

SELEP Chair Christian Brodie said there is a high demand for the new units off of Clingoe Hill.

He added: “SELEP is confident that market interest will remain high among businesses for Phase 3 of the project, which will in turn help create and retain a culture of highly skilled graduates finding employment within the area.

“This project will also feed into wider plans for the town of Colchester and the surrounding area.

“The A120/A133 Link Road and Rapid Transit System plans will enhance access to the university’s Knowledge Gateway and link the site to the national rail system.”

Bryn Morris, Essex University registrar, said: “We’re really grateful SELEP is backing our ambitious plans for the Knowledge Gateway.

“This will create high-quality new office space which we think will be very attractive to businesses keen to link with a top university at the forefront of key sectors including data analytics, artificial intelligence, robotics and life sciences.

“We are proud to continue to drive forward the knowledge-based economy in north Essex creating new jobs and opportunities.”