Backing given for £350M Newcastle Science Central project

Legal & General Capital plans to support the Newcastle Science Central project, one of the biggest urban regeneration schemes of its kind in the UK.

The deal will see the financial services giant becoming a long-term investment partner on Science Central alongside Newcastle City Council and Newcastle University.

Legal & General Capital’s initial £65M investment will fund the completion of two buildings on premium plots 1 and 2 offering over 18,500m² of Grade A office space,

The investment is the biggest property deal seen in Newcastle for decades, and Legal & General Capital’s investment follows recent announcements that a National Centre for Energy Systems Integration will be built on the site.

This builds on work that has already begun on Science Central, part of Newcastle’s Accelerated Development Zone, which has seen significant progress over the past year. The landmark building The Core opened in November 2014 and is full to capacity, Newcastle University delivered the first research labs in The Key, which opened in February 2016.

Construction of the university’s £58M Urban Sciences Building is also well under way, and will open in summer 2017. In addition, design work is under way for a Learning and Teaching Centre and Newcastle Laboratory, which will offer high quality, incubation and grow-on accommodation specifically geared to science-based commercial activities.

The 24-acre mixed-used development is set to create over 4,000 jobs, 46,500m² of office space, and 450 new homes in the heart of the city.

CEO at Legal & General Group Nigel Wilson commented: “I am thrilled that Legal & General is investing in the future of Newcastle. This investment is further evidence of the power of ‘bulldozer money’ to deliver high-tech growth and jobs through regeneration in the North.”