Glasgow City Council has approved a £1 million funding boost to the University of Glasgow for the development of the proposed Clyde Waterfront Innovation Campus.

Funding from the £1.13 billion Glasgow City Region City Deal – an agreement between the UK Government, Scottish Government and local authorities across Glasgow and the Clyde Valley – will help fund the proposed campus.

The project aims to regenerate the waterfront area as an attractive urban quarter that could bring significant private sector investment to Glasgow and unlock the economic potential of vacant sites close to the Queen Elizabeth University Hospital.

Up to 4,000 new jobs could be created by the project, along with more than 180,000 square metres of new commercial space.

Commenting on the funding approval, Glasgow City councillor Susan Aitken, said: “The Clyde Waterfront Innovation Quarter will bring thousands of jobs to communities on the banks of the river, and the Innovation Campus will help to unlock the enormous potential of these sites in Govan.

“The City Deal funding the council has now approved will help deliver a facility that will further enhance Glasgow’s reputation as a leading city in Technology and Innovation, attract investment, and deliver inclusive economic growth.”

The Clyde Waterfront Innovation Campus will include state-of-the-art facilities, including an enhanced James Watt Nanofabrication Centre and a Precision Medicine Living Laboratory. A technology accelerator will also be established with flexible space for companies to co-locate, collaborate and develop innovative products.

The Life Sciences and Further Education sectors are expected to benefit immensely from the development of the campus, which is predicted to cost £80 million to complete.