Legal & General announces that it has secured planning for its second Grade A office building at Newcastle Science Central, as it continues to transform cities and regions across the UK, boosting local jobs and driving economic growth.
15 Dec 2017
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. Legal & General is committed to working with civic authorities and leaders to unlock city regeneration and secure the viability of socially and economically important UK schemes. As such it is involved in some of the UK’s largest strategically important regeneration schemes that are fast transforming and reshaping Britain’s landscape, bringing jobs and housing back into the centre of cities and better utilising our existing infrastructure.
In June 2016 Legal & General Capital, the investment arm of Legal & General Group, became the long term investment partner with Newcastle City Council (NCC) and Newcastle University (NU), to build and finance the Newcastle Science Central development. LGC is working closely with LGIM Real Assets, its specialist property and infrastructure asset manager, to deliver this landmark regeneration project.
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. It is also being built to BREEM Excellent standard with an EPC rating of A. It is also being built to BREEM Excellent standard with an EPC rating of A and a Wiredscore Platinum certification.
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.”
Ben Rodgers, Senior Development Manager, added: “Through the regeneration of Newcastle Science Central, we will be able to deliver an ambitious vision for this landmark site that will see new uses of Newcastle city centre space, including state of the art office and research accommodation, new homes, hotel and public realm, and will bring thousands of new jobs to the area. This planning consent is yet another great step in achieving these goals with construction of this flagship office building planned to start on site next year and targeted for completion in early 2020.”
Cabinet Member for Inclusive Growth, Cllr Ged Bell, added: “It is vital that local people can get the training and the jobs that they need if we are to grow our economy in a truly inclusive and sustainable way. This latest landmark building will support more than 400 jobs directly and indirectly, and a further 900 once it is fully operational.
“It underlines Legal & General’s confidence in the future of Science Central, and the city council’s total commitment to working with the private sector to bring jobs and investment to Newcastle which benefit our local communities.”
Jonathan Seebacher, Architectural director at Ryder, said: “We are delighted to see the second building with Legal & General achieve this significant milestone upon the great success of the Science Central masterplan. Building B is the flagship at the heart of Science Central which promises to bring a unique and exciting offer to the Newcastle office market.”
This is the second office building that Legal & General has achieved planning for at Newcastle Science Central. The two office buildings, along with The Core – a 27,000 sq ft space for start-ups and SMEs – will form the gateway to Science Central. The area between the three buildings will also be transformed into a public square, improving accessibility to the site and providing a significant amenity for office workers, visitors and the surrounding community.
Notes to editors
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
(As of June 2021)
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
(As of June 2021)
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Past performance is no guarantee of future results. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
* at 30 June 2021