Newcastle University has formed a Joint Venture (JV) with Genr8 Kajima Regeneration Ltd to transform a former general hospital site into a center for research and innovation in Aging and Living well in the UK. The JV is formed by Kajima (50%) and Genr8 (50%).
The project will be developed on a 29-acre site that will provide a range of housing facilities, support for people at different stages of their lives, health and commercial facilities. The site will include specialist housing that will be trialed specifically for those living with dementia and traumatic injury. As part of its development partner role, the JV will secure funding for the scheme, which has an estimated GDV of GBP500 million (US$656.13 million).
The project aims to become the UK’s leading development of an exemplar neighborhood.