Legal & General backs £350m tech site

Grant Prior 6 years ago
Share

Legal & General is partnering with Newcastle City Council and Newcastle University to help build and finance the £350m Newcastle Science Central development.

Work will transorm the old brewery site
Work will transorm the old brewery site

Science Central will become a major UK hub for scientific research, and technology businesses and is one of the biggest urban regeneration projects of its kind in the UK.

The 24-acre science and technology hub on the former brewery site, famed for brewing Newcastle Brown Ale, is located in Newcastle’s city centre and is set to create over 4,000 jobs, 500,000 sq ft of office space, and 450 new homes.

Legal & General’s initial £65m investment will deliver over 200,000 sq ft of Grade A office space.

Gordon Aitchison, Director, Investment & Development at LGIM Real Assets, said: “This partnership with Newcastle City Council and Newcastle University proves the importance of the private and public sector partnerships model in driving forward UK urban regeneration projects.

“We have been able to provide the necessary capital and skills to bring forward Newcastle Science Central and local government have provided the access and support to create this opportunity.

“We look forward to working with our new partners on this exciting scheme and attracting further investment into the area.”

Legal & General plans to invest £15 billion in UK infrastructure, direct investments and urban regeneration projects.

Professor Chris Brink, Vice-Chancellor of Newcastle University, said: “Today’s announcement by Legal & General is a reflection of what has been achieved so far and testament to the potential of Science Central as an exemplar of sustainable urban development.

“Building on our recent outstanding research successes, with the announcement of our three National centres – the National Centre for Ageing Science and Innovation, the National Institute for Smart Data Innovation (NISDI) and the EPSRC National Centre for Energy Systems Integration – this investment will take us a step closer to realising our vision for Science Central.”

The deal represents the fourth project to be delivered since the start of Legal & General’s partnership with the Regeneration Investment Organisation (RIO).

Latest news

Contractors lift tender margins to 9% on bids in the Capital

Developer Landsec to press ahead with trio of London office schemes this year despite cost inflation
22 hours ago

Fire safety work plunges Countryside to £182m loss

Countryside Partnerships forms dedicated division to handle retrofits on a 123 buildings
21 hours ago

Site wages row looms as union dismisses “derisory” pay offer

Unions want 10% increases but employers offer less than 4%
22 hours ago

Fusion wins Manchester high rise student block appeal

Planning inspector overturns city council refusal for 28-storey Deansgate block
22 hours ago

Failed London fit-out specialist owed trade firms £13m

Twenty 1 Group owed HMRC £9.7m leaving more than 300 firms with no hope of payment
1 day ago

Demolition work imminent on half-built Taylor Wimpey flats

Angry local residents share pictures of site set to be torn down
22 hours ago

B&K returns to strong profit growth across the group

Pre-tax profit jumps 23% to £65m as revenue edges up to £1.18bn
2 days ago

British Land expects tender price inflation to hit 10%

Developer says 91% of costs are fixed on planned schemes
2 days ago

Morgan Sindall set for £80m leisure and health hub

West Suffolk public service development to be built at no extra cost to tax payers
2 days ago

Plans in for £500m Hollow Mountain pumped hydro scheme

Work removing 2m tonnes of rock could start within two years
3 days ago

L&G to pump £4bn into West Midlands developments

West Midlands Mayor Andy Street signs landmark investment deal with L&G
2 days ago

Hunt starts for £250m Stockport 8 site developer

Town centre 8-acre site is earmarked for 1,200 homes, shops and leisure
3 days ago

Higgins bags trio of East London passivhaus schemes

Partnership to build 220 affordable homes for Newham council
2 days ago

Water industry revives PFI model for £1bn job

Vast Haweswater Aqueduct upgrade to pilot new DPC model, hailed as the future for water companies
3 days ago

VolkerRail fined £550,000 after trench collapse

Court hears how two metre deep excavation was unsupported
3 days ago

‘Ratty the Robot’ takes bite out of costly pipe inspections

Pipe-crawling tetherless robo-rat makes light work of complex underground inspections
3 days ago

Graham gets green light for £124m M25 Junction 28

Consent allows work to start this Autumn on Essex junction upgrade
3 days ago

Six win £600m panelised housing DPS deal

Better Building alliance of 29 housing associations signs up manufacturers
3 days ago

Watkin Jones reports record £2bn pipeline

Student rooms and BTR builder plans corporate name change in big rebrand
3 days ago

Race starts for £500m Scottish zero carbon hospital job

Bidding starts for new University Hospital Monklands near Airdrie
4 days ago

Manchester airport taxis out £60m terminal 2 pier job

Bidding to start before the end of 2022 for project start early next summer
4 days ago

Plan for 1,100-home complex at Leicester factory site

Galliford Try investments plots Corah Factory transformation
4 days ago

Axed House by Urban Splash staff plan legal action

Ex-workers consult with lawyers following administration
4 days ago

Summer slowdown fears as latest contract award data droops

Latest Barbour ABI Snap Analysis paints uncertain picture
4 days ago

Farrans wins £39m Somerset recycling hub

Site preparation gets underway for Keynsham Recycling Hub
4 days ago

Balfour gets green light for £250m M25 junction 10

Autumn start for M25 junction 10/A3 Wisley interchange improvement scheme
7 days ago

Leeds plumbing contractor sinks with loss of 30 jobs

Dickinsons Plumbing and Heating goes down but renewables arm salvaged in sale
7 days ago

HS2 achieves first diesel-free construction site

Skanska Costain STRABAG JV runs Kilburn site with green kit
7 days ago

Administration confirmed at House by Urban Splash

160 jobs lost following "operational issues" at modular factory
1 week ago

Network Rail fined £1.4m after worker crushed by track machines

Judge highlights "many layers of failure" within site management
1 week ago

Contractor services