Cambridge Science Park, the United Kingdom's oldest and largest hub for science and technology innovation, is planning a 30-year expansion that would triple its capacity for research-focused companies.

Under the plan now seeking consent, the park's annual economic output, or gross added value, could rise from 1 billion pounds ($1.34 billion), which is already more than twice the national productivity average, to more than 3 billion pounds.

The park is renowned for playing a pivotal role in delivering life-changing technologies, with innovations from the hub, such as smartphone chips, cancer drugs, and Bluetooth, benefiting people around the globe.

A planning application filed by Cambridge University's Trinity College, which founded the park in 1970, would, if approved, be a major economic catalyst for the region, supporters say, making the premier hub an even stronger driver of jobs and growth.

According to the plan, the expansion will increase space for companies in life sciences, technology and energy from 260,000 square meters to around 743,000 square meters.

The privately funded plan is set to unlock approximately 20,000 new high-skilled jobs across the life sciences, technology, and clean energy sectors. The hub presently employs more than 7,000 people, and is regarded as critical to both local and national economic infrastructure.

Trinity, which is the wealthiest college at Cambridge or Oxford universities, plans a 1-billion-pound first-phase expansion with partners from the private sector.

The college told the Financial Times newspaper that follow-on investment by Trinity and its partners is expected to total about 2 billion pounds.

"This privately funded project provides certainty rare in modern development and has the potential to be a key component of the UK's future economic growth," said Jane Hutchins, director of external relations at Cambridge Science Park.

Sally Davies, master of Trinity College, said: "The plan offers a unique opportunity for Britain to lead the global transition into the industries and innovations that will define our future, and continue to change lives all over the world."

Roland Sinker, head of innovation and growth at Cambridge University, was quoted by the FT as saying: "Cambridge?Science Park has been critical in transforming our city from a historic place of learning into a global center of scientific and technological innovation.

"The park's expansion will contribute billions to the national economy and help ensure that the breakthroughs of the future are developed in the UK."

Cambridge Science Park said the expansion aims to seed new industries and keep the UK competitive with the United States and Asia, aligning it with the government's vision for the Oxford-Cambridge growth corridor as "Europe's Silicon Valley", which is backed by a 500-million-pound commitment.