(NU/1912) CAV Later Living Partner

Description

Newcastle University Developments, Campus for Ageing and Vitality – Later Living Development Background The University and Newcastle University Developments Ltd acquired 27 acres of the 29-acre site in April 2019 and since then have arrived at a clear Vision with accompanying objectives as to what they want to achieve on the Campus for Ageing & Vitality (CAV), Westgate Road, Newcastle upon Tyne NE4 6BE. Our vision for the Campus for Ageing and Vitality (CAV) is to facilitate the construction of the UK’s first “health innovation neighbourhood“. It will be a future focused area combining the best of research, innovation, accommodation, employment into a sustainable community and create something truly unique in helping people to live longer and healthier lives. The “Later Living” development forms an integral part of this vision and we are looking to identify a suitable purchaser which has the means and objective to develop up to 150 Later Living homes on up to 4 acres of the site. We will be looking for purchase proposals from buyers capable of developing homes made up of a variety of Later Living products, and tenures, covering the entire spectrum of independence. They should promote independent living for people in later life (starting age range 55-70 including inter-generational living). Later Living will complement the work of our principal Development partner, Genr8Kajima Ltd which is presently drafting plans to create a mixed use urban development encompassing academic, residential and commercial uses within the health innovation neighbourhood. Scope The University has ring-fenced up to 4 acres of the site for a Later Living development and wishes to sell this parcel of the site to a Later Living purchaser who intends to develop/operate the scheme; conditional upon the quality of their design proposals planning application and commitment to meeting the Universities overall objectives for CAV. In addition, the University would like to enter into a Memorandum of Understanding with the successful Later Living purchaser, whereby the purchaser will support the University in its research programme by facilitating introductions to its residents. It is currently expected that the successful purchaser will take possession of the land following capital receipt transfer in early 2025.

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