Legal & General Capital, the principal investment arm of Legal & General Group has announced its plans to partner with Newcastle City Council and Newcastle University, to help build and finance the £350 million (US$514 million) Newcastle Science Central development. 

Newcastle Science Central project comprises a 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 Capital’s initial £65 million investment will deliver over 200,000 sq ft of Grade A office space, facilitating significant economic growth in the City, and unlocking further investment in commercial and residential opportunities at Science Central.

Nigel Wilson, CEO at Legal & General, 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. Whatever the EU Referendum outcome, we need growth in the UK – and this is the way to deliver it.”

Councillor Nick Forbes, Leader of Newcastle City Council said:

“Today’s announcement is a major milestone for the partnership, and further testament to the progress taking place on Science Central through significant joint investments already made by both Newcastle University and the council.

“Legal & General Capital’s investment is a major vote of confidence in Newcastle from one of the UK’s leading investors, who have clearly recognised the enormous potential of Newcastle and the region. Securing the deal will act as a catalyst to attract further investment, putting us firmly on the map as a UK hub for the science and technology sector and creating knowledge-based jobs for future generations, sending out a strong message that Newcastle is open for business."

Professor Chris Brink, Vice-Chancellor of Newcastle University, said:

“Today’s announcement by Legal & General Capital 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.”