The owner of one of Kent’s largest commercial estates is to invest £5 million in new laboratories and office space.

Discovery Park, on the former Pfizer research centre in Sandwich, will also build a new auditorium for conferencing as part of its revamp.

The site is home to more than 150 companies and employs about 3,000 people, mainly in the pharmaceutical, life science and technology sectors.

It came under new ownership in November when North East entrepreneurs Trevor Cartner and Chris Musgrave, who bought the site in 2012, sold their shareholding to concentrate on their plans to redevelop the former Manston airport.

Its new owner, Discovery Park Ltd, is made up of a consortium of about a dozen investors. The company is owned by directors Bernard Spitz and Simcha Green.

The cash injection comes after an operational and strategic review of the site, which marks its fifth anniversary since becoming a business park this year.

Toby Hunter, chief executive of Discovery Park Ltd, said: “As new owners, we felt it was essential to take time to reflect on what has been achieved at this wonderful site and how best to ensure its future success given all the challenges and opportunities ahead.

“Our desire is to ensure that the world-wide reputation Sandwich has enjoyed for decades – from the 50 plus years under Pfizer to the five years as a flagship multi-business campus for science and enterprise – continues long into the future.

“We have plans to invest in our science offer and enhance facilities across the park, starting with Discovery Park House, where work has begun creating new high-spec lab and write up provisions for existing tenants to expand into. We are also adding capacity for new pharmaceutical businesses.”