The Wood Centre for Innovation (WCFI) is being built in 18 acres of woodland at Stansfeld Park in Headington Quarry and will provide office space for companies specialising in science and technology.
Site owner The Oxford Trust said it is hoped it will attract more start-up companies to the city and create more jobs for residents.
The new centre is named after the trust’s charity patrons Sir Martin and Lady Audrey Wood who set up manufacturing and research company Oxford Instruments – Oxford University’s first spin-out company.
It will be managed by Oxford Innovation as the company’s 23rd building in the country.
Oxford Innovation managing director Jo Stevens said: “At Oxford Innovation we are proud of our track record of incubating, harnessing and nurturing talent and innovation, enabling start-ups and entrepreneurs to push the boundaries of science and progress.
“We are thrilled to be so close to opening what will be a magnificent facility for Oxford, bolstering the city’s credentials as a leader in science and technology and providing the perfect platform from which to grow new ventures and create new jobs.”
The innovation centre will adjoin a new Science Oxford educational centre with a 120-seat auditorium, meeting rooms, video conferencing, cafe and outdoor eating area.
Two companies have already signed up to move into the new centre – Triteq, a medical product design and development consultancy, and Ultromics, a company that builds diagnostic aids, powered by artificial intelligence to help cardiologists.
WCFI will be partnered with Oxford Centre For Innovation, based in New Road in central Oxford.