Background

Around a century ago, a coal mine stood on the land that is today occupied by Newcastle Helix, before later being replaced by the headquarters of Scottish and Newcastle Brewery until it closed its doors in 2005.

Back then, few people could have imagined that it would emerge as one of the most innovative centres in the UK. But Newcastle City Council and Newcastle University had a vision: they bought the site and began the laborious process of preparing it for building, including the removal of 38,000 tonnes of remaining coal.

Solution

In 2017, Newcastle City Council and Newcastle University secured us as their long-term investment partner for the scheme, supporting the £350 million flagship regeneration project with £65 million of funding and enabling the partnership to draw upon L&G’s in-house development capability.

Benefits

The first office, the Lumen, was the largest privately funded office building to be constructed in Newcastle’s city centre in the last decade. Today, Newcastle Helix is shaping up to be a landmark 24-acre city centre quarter in the heart of Newcastle, built for international technology and science businesses, the local community and residents. This cutting-edge urban office aims to create 4,000 jobs, putting the city at the forefront of the knowledge economy.

The collaboration between Legal & General, Newcastle University and Newcastle City Council positions the city as a major national and international hub for scientific research and technology businesses, creating knowledge-based jobs for future generations. On completion, it will boast 500,000 sq ft of office and research space, as well as 450 homes complete with an hotel. With some buildings already finished, it is bringing together a community of academics, industry leaders, businesses and world-class researchers.

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The Real Assets Solutions team operates right across the entire LGIM Real Assets platform. With more than 100 years of combined industry experience, our 10-strong team draws on the expertise of former investors, consultants and product specialists.