NEW schemes to link a West Oxford industrial estate with the centre of Oxford could bring “hundreds of millions of pounds” in investments.

Oxford University has revealed it is bidding for government cash with Oxford City Council and Oxfordshire County Council to improve access to Osney Mead Industrial Estate.

The 1960s site has been pegged by city leaders as “the next great opportunity” and there are plans to kick-start a fresh wave of private sector investment there.

University vice-chancellor for planning William James revealed discussions were already under way with two companies about building new research facilities which could be based in Osney Mead.

It would be in addition to buildings it owns there, including the Ruskin School of Art “green shed” exhibition space, the Osney One building of the Bodleian Library and its engineering science research facility.

It is hoped improving links for cyclists and pedestrians between the estate and the city centre could make it a new powerhouse for businesses.

Mr James told the Oxford Mail: “We are conscious this is a large piece of land very close to the city centre that is not really a great asset and are working with the city and county councils to try and promote inward investment.

“In the long-run, there is scope for hundreds of millions of pounds to come into it.”

He said the university had yet to approach other landowners at the site, who include the Environment Agency, the Diocese of Oxford and Newsquest Oxfordshire, which publishes the Oxford Mail and its sister papers.

His comments came as several schemes to redevelop the city’s West End were in motion, at the Westgate Shopping Centre, Oxpens and the railway station.

There are also plans already to link Osney Mead to Oxpens Meadow with a new £2.1m bridge across the Thames and cash has been secured by the county council for the project.

County council leader Ian Hudspeth said designs had not yet been drawn up, but added: “We are looking at what can be done at Osney Mead.

“It is close to the city and to the railway station but the access needs to be better.”

The plans for Osney Mead are backed by the city council’s new executive board member for planning, Alex Hollingsworth, who said the industrial estate represented “the next great opportun-ity” in Oxford.

He added: “It could be a new quarter of the city where people can work and live.”

There are several developments planned around the city aiming to reduce a shortage of office space.

They include the Northern Gateway business park in North Oxford and the recently approved scheme to redevelop Oxpens into a commercial and housing space.

City council leader Bob Price said development at Osney Mead could boost office space further and link with that planned at Oxpens.

He added: “Osney Mead is under-occupied and under-used for some years and the university’s interest in developing more research facilities there is very welcome.”