A MULTI-MILLION pound centre for cutting-edge, space-age technology was formally handed over to its new tenant yesterday.

The NetPark Research Institute is the first building to be completed on a science park currently under development at Sedgefield, County Durham.

The University of Durham received the keys to the building at the handover ceremony, hosted by Prime Minister Tony Blair.

The building will house the university's centre for astronomical instrumentation, which will develop the next generation of space-based telescopes.

It will also host the university's digital enterprise team, which will harness the latest developments to give local and national manufacturers a competitive edge.

The 24,000sq ft institute was developed by Durham County Council, which also funded it together with One NorthEast.

Construction of the site's futuristic second building, the NetPark Incubator, is also nearing completion.

The custom-built accommodation, due to open in October, has been designed to meet the needs of new science and technology companies and is already two-thirds pre-let.

NetPark is one of the centerpieces of a 20-year strategic masterplan, which sets out a vision for County Durham for the year 2023.

The Prime Minister used a swipe card to officially hand over the building to the university, symbolising the technology it will house.

Mr Blair recalled visiting the site two years ago when the initiative seemed little more than a distant dream.

He said: "The first time I came here, the strategic vision was slightly difficult to envisage since it appeared to be a field with a tent that at any moment seemed in danger of being blown down.

"I was told this was going to be the centre of skills and research, not only in County Durham, but Great Britain and the universe.

"I view the building today and see it as a magnificent achievement and that strategic vision is very clear."

Councillor Ken Manton, leader of Durham County Council, said that more than 100 people would eventually be working in the building, with many more benefiting from the spin-offs.

He said that he hoped the entire 1,000 acre site would be covered with major investors by 2023, embracing technologies of the future such as e.science, nanotechnology and telecommunications.