WORK is due to start in the new year on the latest £10.7 million phase of the business hub at the University of Essex.

The new four-storey landmark building, which will have 3,764 sq metres of office space, is being built at the Parkside Office Village which is part of the Knowledge Gateway research and technology park at the university.

R G Carter has been appointed as the main contractor and it is hoped the development will open in 2023.

It is designed to be flexible so it can accommodate a large anchor tenant or be sub-divided into smaller units depending on demand.

Parkside is located at the university’s Colchester campus and is a base for small and medium-sized enterprises which benefit from the campus’ location and building connections with the university.

The new building will offer more opportunities for businesses wanting to take advantage of links to the university’s research community, graduate and student talent pool, campus facilities and business networks.

University registrar Bryn Morris said: “We’re thrilled to see work starting on the next phase of Parkside.

“This new building shows the momentum which is developing on the Knowledge Gateway and indicates our determination to drive business growth in Essex and the surrounding area as our regional economy looks to bounce back following the pandemic.”

James Wilson, director and general manager at R G Carter, said: “We are delighted to be collaborating with the University of Essex to deliver this exciting development which will not only benefit the university campus and local businesses but will also support wider economic growth across the county.”

The university has plans for further development of Parkside and is looking to create another similar sized building focusing on health technology and wellbeing, preventative health technology and data analytics for health.

The South East Local Enterprise Partnership awarded the university a £5 million funding package from the Local Growth Fund for phase 3 of Parkside.

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