University and Genr8 Kajima establish joint venture
Genr8 Kajima Regeneration Ltd has formed a joint venture with Newcastle University to develop the ambitious Newcastle Campus for Ageing and Vitality.
29 March 2022
The development will transform a former general hospital site into a world class centre for research and innovation in ageing and living well in the City of Newcastle.
The mixed-use scheme will integrate research, living, workspace and health uses to create a world leading destination which, amongst other aspects, examines new approaches to the way we live and how these can translate to improved health and wellbeing. This will include specialist housing that will be trialed specifically for those living with dementia and traumatic injury.
The 29-acre site, owned by Newcastle University, aims to become the UK’s leading development of an exemplar neighbourhood, including the provision of purpose-built homes enabling people to live longer, healthier lives. The development will build on Newcastle University’s global reputation for research in healthy ageing and contribute to the city’s overall ambition to be a testbed for innovation and a leader in the growing longevity economy. The scheme will create local jobs, new homes and new models of integrated care for the City of Newcastle.
The establishment of the JV follows outline planning permission for the site being granted by Newcastle City Council in February 2022. The masterplan, which has been developed with GSS Architecture, will focus on integrating the site with the surrounding communities.
The Genr8 Kajima Regeneration Ltd partnership is itself a 50/50 JV between Kajima, the pan-European real asset developer, investor and asset manager and leading regeneration developer, Genr8.
This is the first scheme awarded to Genr8 Kajima Regeneration Ltd, which was formed earlier in 2021 following the JV partners’ success in delivering Rochdale Riverside, a new retail and leisure-led mixed-use destination that has transformed the centre of Rochdale.
Through the collaborative nature of the partnership, Genr8 Kajima Regeneration Ltd will develop the site with Newcastle University, reflecting their shared visions and values for creating a place that positively contributes to the local community while supporting the research and innovation ambitions of the campus. As part of its development partner role, the joint venture will secure funding for the scheme, which has an estimated GDV of £500 million.
Kate Pix, Regeneration Director, Kajima, said: “If we are to Level Up the country, we can’t simply build more homes. We also need to rethink how we use existing places, particularly those with in-built community benefits such as health facilities, life sciences and other social infrastructure. Newcastle’s Campus for Ageing and Vitality plans to achieve all of this whilst also becoming an innovative centre for developing homes and services that support the health and wellbeing of the local community and beyond. By placing community, health, sustainability and people at the heart of our work we will deliver both homes and jobs for local people.
“We are therefore very excited to be working as development partner with Newcastle University and to continue our ongoing relationship with Genr8 following our successful partnership in transforming Rochdale town centre.”
Genr8 Partner, Richard Ingham, commented: “CAV represents an unrivalled opportunity to deliver an exemplar scheme of international significance, which harnesses best practice and drives innovation in the living and place arenas. We believe that the partnership between GKRL and Newcastle University provides a unique combination of academic excellence, property investment and development expertise.”
Professor David Burn, Pro-Vice Chancellor for the Faculty of Medical Sciences at Newcastle University said: “The site will give us an unprecedented opportunity to undertake world-class research that not only benefits our local population but people nationally and internationally, too.
“We will take a whole-system approach, from cell to community, working with our partners to create a site that is truly unique in its scope, for the health and wellbeing of our population, as well as boosting the economy of our region.”
Professor Jane Robinson, Pro-Vice-Chancellor for Engagement and Place at Newcastle University said: “By 2040, one in seven of us will be aged 75 or over. The Campus for Ageing and Vitality will be a global exemplar for healthy ageing, enabling people to live longer, healthier lives.
“Building on our key strengths, including the National Innovation Centre for Ageing, we are bringing together world-leading academics, industry, public sector and local communities to help find solutions to complex challenges of an ageing population and maximise the economic opportunities of global longevity economy.”
