A PROJECT to transform a disused site into a world-leading science park creating 1,000 jobs has been unveiled.

The landmark multimillion-pound deal involves West Sussex County Council purchasing a 19.6 acre site from global health care company Novartis.

The proposed science park will host leading firms involved in life-saving research and the development of innovative technology.

The development will put West Sussex on track to become a leading European centre in the health and life sciences sector.

The county is already home to more than 90 companies and 11,000 staff working in the field, and it is hoped the new park will lure more leading companies to the county.

Subject to planning approval, two thirds of the Wimblehurst Road site will be developed for businesses, while one third will be set aside for high quality housing – helping to cover the costs of the council investment.

The two parties are working on full contracts, with the aim of completing negotiations by early summer 2016.

The council is now working with architects and planners on designing research and laboratory space, office accommodation and start-up space.

All buildings will be demolished except the 1930s Art Deco building which will be converted for residential use while the avenue of cedar trees leading to its door will also be protected.

A marketing agent is currently being appointed to seek partners to take the development forward.

Louise Goldsmith, leader of West Sussex County Council, said: "This represents a multi-million pound investment for the County Council and is our biggest purchase to date.

"In tight financial circumstances this has not been an easy decision or one we have taken lightly but it ties in with boosting the West Sussex economy, which is one of our key priorities as a council.

She added: "There a real risk is that if we don’t buy the site then this important business space could be lost to a developer who may hold onto the land for housing in the future, thus losing important business space in the heart of Horsham forever."

The health and life sciences sector is one of the fastest growing industries in the world as populations age and live longer and health services look to new ways to reduce spiralling medical costs.

West Sussex is already the base for multinational companies who have their regional or global headquarters in the county – from renowned medical and diagnostic technology companies to major pharmaceutical and industry support services.