British taxpayers will provide £1.3bn in funding to help 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 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 £1.3bn total package of support, 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, which on Wednesday involved the chancellor, Rachel Reeves, visiting the proposed site , Comcast has said it will invest more than £5bn in the new entertainment complex over the five-year construction period.

“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,” said Reeves.

The government has said the 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.”