VISION: Chris Jagger at the University of Nottingham's Jubilee Campus
A planning application for the building at the University of Nottingham Innovation Park (UNIP) will be made shortly with a view to construction starting later this year.
The university is anxious to continue the momentum to develop the park largely used by academics who set up their own businesses.
A number of other buildings are also planned for the site but these have to be set against a background of potential Government cuts in the higher education sector.
University development director Chris Jagger said: "Two or three other buildings are under consideration in its ambitious expansion programme of the park.
"Our academics want to be nearby and this demonstrates the success of the park."
The enterprise park, Nottingham's newest, has proved so popular that it is already at capacity on its first anniversary of opening.
It took on new tenants throughout 2009 despite difficult economic conditions.
Situated on a 12-acre site, the university said the park had become an ideal incubation space for big ideas, providing excellent business accommodation to encourage innovation.
The park has 22 tenants including the Institution of Civil Engineers, Ordnance Survey, Europe Solutions, Dialogik (UK) and the film company Skeleton Productions. Tenants are based in the Sir Colin Campbell Building, the landmark building which forms a bridge over Triumph Road.
Plans for further expansion of the Innovation Park will significantly increase the capacity of the park as the next stages take shape.
The park aims to provide high quality space for small and medium-sized businesses in the inspiring surroundings of the new Jubilee Campus, named the UK's Estates Initiative of the Year for 2009 by the Times Higher Education supplement. The park also provides development space for companies wishing to build on the site.
Jo Derbyshire, operations manager at UNIP, said: "It's a fantastic result to reach full capacity within a year of opening the Innovation Park, particularly in the light of continued difficulties with the economic situation.
"We have a broad range of tenants active in a wide variety of areas, which is an illustration of the flexibility we have to cater for all kinds of enterprise."