Investors helping to develop Tyneside science and business park Newcastle Helix are poised to pump a further £60m into the site.
L&G first pledged £65m investment into the science park in 2016. The 24-acre hub is a partnership between Newcastle City Council, Legal & General and Newcastle University, with the partners hoping it will help create thousands of jobs, prime office and research space, and hundreds of new homes.
Six years after bankrolling the building of office blocks The Lumen and Spark – at the time, the largest property deal in the city for decades – the institutional investor is keen to support further developments at the site, starting with £60m on a build-to-rent housing scheme comprised of two towers. There is also the potential to support further buildings at Helix, including potential office space and research space, depending on what is needed to help bring the council and university’s vision to life.
