DEVELOPERS are to invest millions of pounds in new buildings at Milton Park business park near Didcot, despite the credit crunch.

MEPC, which owns the 250-acre park, is to pump £6m into a new 39,000 sq ft innnovation centre for start-up and early-stage companies and entrepreneurs.

The company, which owns eight business parks nationally, has appointed Oxford Innovation to manage the centre.

MEPC managing director James Dipple said: "My job here is largely to manage risk and I think that now is the right time to establish this innovation centre. More people might want to take premises such as this rather than get locked into much less flexible terms.

"We will offer space here for any enterprise from a one-man show up to businesses employing between ten and 20 people."

He added: "I've been in the property business for 30 years and seen plenty of ups and downs. You have to ask: is it ever a good time?"

Oxford Innovation already supports more than 350 start-up businesses at 13 innovation centres, offering them offices on flexible terms, access to investment networks which match investors to businesses, and mentoring entrepreneurs. It has centres in Oxford, Harwell and Heyford Park.

Its managing director, Dr David Kingham, said: "Our aim is to develop a flagship innovation centre that will be a hub of entrepreneurial activity for early-stage technology companies."

Milton Park is now the workplace for more than 6,500 employees working in offices, warehouses and laboratories.

As well as the innovation centre, MEPC is investing another £4m on a new speculative office block the same size as the new centre.

Mr Dipple added: "It sounds a big investment, but with the property at the park worth a total of £400m we can afford the risk."