British taxpayers will provide £1.3bn in funding to help the Hollywood studio giant Universal build its first theme park in Europe.

Comcast, the US media company that owns NBC Universal and Sky, had been considering a number of countries in which to build its first European theme park.

However, a deal to build the attraction on the site of the former Kempston Hardwick brickworks near Bedford was agreed after a significant offer of government financial support.

A package initially revealed last June included almost £500m of public investment in rail and road infrastructure, including a station development at Wixams, while talks over the scale of the overall government assistance continued.

On Wednesday, the government revealed a total package of support worth £1.3bn, which includes £400m through the regional growth fund, and a £438m grant from the Department for Culture, Media and Sport to “invest in new community infrastructure to maximise the benefits of the development and support growth across the region”.

The Department for Transport is spending an estimated £474m on “strategic road and rail” projects in the region.

As part of the deal, Comcast has said it will invest more than £5bn in the new entertainment complex over the five-year construction period.

On a visit to the proposed site, where construction is due to begin soon, the chancellor, Rachel Reeves, said: “This landmark investment in the heart of the Oxford-to-Cambridge growth corridor will unlock nearly £50bn of economic growth and create tens of thousands of jobs across Bedfordshire in construction, hospitality, creative and technology sectors.”

The government has said the Universal theme park will create 20,000 jobs in construction, with a further 8,000 roles once it is up and running.

The theme park, which is to be called the Universal United Kingdom Resort, is due to open in 2031 and is expected to attract about 8.5 million visitors in its first year of operation.

Comcast has also said it will make an additional £1bn in capital investment in the resort over the first decade of operations.

“This historic partnership is a special moment for our company as we bring our first Universal theme park and resort to Europe,” said Brian Roberts, chair of Comcast. “We have a long and proud history in the UK through Sky and NBC Universal and look forward to creating a spectacular destination that supports the UK creative industries and brings joy to millions for generations to come.”

The Comcast news came after Reeves announced fresh government backing for a scheme to create a “science supercluster” across Oxford and Cambridge.

Speaking earlier on Wednesday at a conference in Westminster about the OxCam corridor, as she termed it, Reeves said: “If we get this right, working together, this corridor will not just compete globally, it will lead globally. We can do that together.”

She made several specific announcements, including Homes England buying a former airfield East of Cambridge to create new houses; and government funding for a new exit at Bletchley station, on the east-west rail line connecting the university cities and a string of towns in between.

Reeves also confirmed that a powerful development corporation would be created covering Greater Cambridge, to ensure development, calling it, “a delivery vehicle with the powers, the governance, and the mandate to unlock strategic sites and to accelerate growth”.