Legal & General breaks ground on new office building in UK

30 Jul 2018 EUROPE BUILDINGS

Legal & General Group has begun construction of its flagship office building, dubbed The Lumen, at Newcastle Helix in the UK.

The eight-storey Grade A office building, covering an area of 108,000ft², will be part of Legal & General’s initial investment of £65m.

The office building represents the first phase of development by Legal & General at Newcastle Helix (formerly known as Science Central), a £350m project set to boost local jobs and drive economic growth.

Newcastle Helix is being developed by Newcastle City Council, Newcastle University and Legal & General, as part of its plans to transform and regenerate cities and regions all across the UK.

Upon completion, Newcastle Helix is set to create over 4,000 jobs, 500,000ft² of office and research space, and 450 new homes and is touted to be one of the biggest urban regeneration projects of its kind in the UK.

In June 2016, Legal & General joined Newcastle City Council (NCC) and Newcastle University (NU) as the long-term investment partner to build and finance the Newcastle Helix development.

Legal & General CEO Nigel Wilson said: “These are exciting times for Newcastle. Having grown up close to the City I have seen it survive through more difficult times as well as more positive ones.

“This is another new chapter for Newcastle and our partnership with Newcastle Council is a shining example of a local authority who embraces the opportunity afforded by devolution by forming exciting investment partnerships to drive forward the growth of our towns and cities.

Wilson added: “With three quarters of the UK population 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 solving this and would urge more of these collaborative partnerships to ensure people living in our urban areas are excited about the place they live, work and play.”

GVA and Cushman & Wakefield are the joint agents for the marketing and letting of The Lumen.

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Image: A rendering of Legal & General’s new flagship office building, The Lumen. Photo: courtesy of Newcastle City Council.

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