Newcastle council and Newcastle University have taken full ownership of the £380m Science Central project in the city.
The pair have negotiated the transfer of One North East’s landholdings in Science Central ahead of the dissolution of the regional development agency in April next year.
The transfer of the one-third share means the council and university now each own 50% of the park. Acquisition costs totalled around £3m.
Council leader Nick Forbes said: “The abolition of One North East has been a blow to this region, but we are determined to do all we can to keep up momentum on our key economic priorities. It’s vitally important that the regional development assets are retained for the benefit of the region. I’m pleased we have been able to secure that here in Newcastle.”
One North East, the council and Newcastle University bought the 24-acre former Scottish & Newcastle brewery site in 2006. Outline plans to create a 1.8m sq ft hub for the science industry were approved earlier this year.
Science Central will comprise 890,000 sq ft of commercial space, 350,000 sq ft of premises for the university, 410,000 sq ft of residential and 270,000 sq ft of community facilities.
The 15-20 year project is expected to generate £255m of private sector investment.
samantha.mcclary@estatesgazette.com
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