The Berkeley site was formerly home to one of the first civil nuclear power stations in the world and its adjoining research laboratory was key to developing the UK’s nuclear fuel programme.

More recently it has has been owned by South Gloucestershire and Stroud College.

CVB is now looking to establish Berkeley as the UK’s R&D centre of excellence for the next generation of small modular and micro reactor technology.

It will working with partners including Rolls-Royce SMR, the University of Bristol, the National College for Nuclear, Berkeley Green University Technical College and SGS College.

Chris Turner, Chief Executive of Chiltern Vital Group, said: “I am excited to close this acquisition and begin the first phase of Berkeley’s transformational redevelopment. CVG is already working with some of the world’s leading clean energy companies.

“I look forward to being involved in turning Berkeley/Oldbury into a low carbon supercluster over the next decade and supporting the positive impact that this project will have on the local, regional and national economy.”