Legal & General have announced that it has secured planning for its second Grade A office building at Newcastle Science Central.
With three quarters of the UK population now living in cities, there is increasing strain on these areas as populations expand and demand for housing, work space and amenities increases.
In June 2016 Legal & General Capital, became the long term investment partner with Newcastle City Council (NCC) and Newcastle University (NU), to build and finance the Newcastle Science Central development.
Newcastle Science Central is one of the biggest urban regeneration projects of its kind in the UK.
It is set to create over 4,000 jobs, 500,000 sq ft of office and research space, and 450 new homes.
The aim of the development is to become a major UK hub for scientific research, and technology businesses, creating knowledge based jobs for future generations in Newcastle and extending the Northern Powerhouse to ‘the North of the North’.
Legal & General has secured planning for a 100,000 sq ft office building that will create modern workspace for over 1,200 people in the science, technology and the knowledge sectors.
Designed by international design practice, Ryder Architecture, the Grade A building will be designed to achieve British Council for Office (BCO) standards.
Rachel Dickie, head of urban regeneration at Legal & General Capital, said: “City regeneration works best when you have collaborative partnerships. To have achieved planning on our second office building is a significant milestone towards delivering this major urban regeneration project.
“The partnership between ourselves, the Council and University has enabled this scheme to transform at pace, and it is fantastic to see the quality and the vibrancy of the urban landscape that is being created at Newcastle Science Central spring to life.”