Bosses at Milton Park, the £400m business and technology park near Didcot, are to invest millions of pounds in new buildings - despite the credit crunch.

MEPC, which owns the 250 acre park, is to pump £4m 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, a leading operator of the centres to manage the new building at 99 Milton Park.

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 a 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.

Managing director of Oxford innovation, Dr David Kingham, said; "Working with MEPC Milton Park, 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.

In addition to 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 worth £4m we can afford the risk."