The Newport Innovation Park development (NI Park) will become a hi-tech employment site which will ultimately support the creation of up to 950 jobs.
The first phase of the development, comprising of 24 individual units catering for start-up businesses to larger firms, has now been completed and handed over to Telford & Wrekin Council.
Council bosses say it will provide a real boost to the local economy.
Councillor David Wright, Telford & Wrekin Council’s cabinet member for economy, housing, transport and infrastructure, said: “NI Park will have a significant, positive impact on local people and the local economy.
“The development of this new hub will put Newport at the heart of the UK’s latest agricultural technology and attract a variety of agri-tech related businesses and employers to the site.
“It’s really exciting to see the first phase of the programme completed and it is a development which has taken an outstanding, environmentally friendly approach.
“Innovative projects like this are instrumental in attracting new investment to the borough."
The first phase of the work was completed by Shrewsbury-based construction firm Morris Property within 42 weeks.
The company's construction manager Steve Flavell said: “This was an important project for Telford & Wrekin Council and the community and was a prestigious tender to have won.
“As well as creating a high quality development, NI Park has enviable green credentials, with electric vehicle charging points and PV solar panels, together with sustainable drainage systems and ecological enhancements.”
NI park is a key element in the Newport Innovation and Enterprise Package, backed jointly by the Marches Local Enterprise Partnership (LEP) and Telford & Wrekin Council.
Mandy Thorn, chair of the Marches LEP, said: “The importance of NI Park to our region is immense which is why we have supported it with £7.36m of Local Growth Fund investment as part of the wider Newport Innovation and Enterprise package.
“This is further evidence of the LEP working with its partners to create a dynamic and innovative business environment which will create real growth, jobs and opportunity.”
Lucy Blasdale, development director for Homes England, added: “Homes England is delighted to see the first phase of units complete at NI Park, providing opportunities for new and growing business plus existing companies looking to locate in the borough."