Newcastle sets its sights on social impact
The city is focused on delivering ‘social return on investment’ and building an inclusive economy.
The city of Newcastle, in the UK, has much to offer investors, with £30bn of investable opportunities across the region and a £1.4bn (£48m per annum) investment fund as part of a government devolution deal that grants greater autonomy to local authorities in England.
But the city is looking “beyond investment”, as its strapline goes, with a focus on the social impact of investment, and on building an inclusive urban economy that prioritises better futures for local residents and communities. For Newcastle, and the types of investors it would like to engage, ‘social return on investment’ is the guiding principle.
“What we can offer investors in our city is something they will not find anywhere else in the UK – strong economic assets powered by innovation that drives inclusion, supported by affordable connectivity that works for all, generating wealth that flows to all communities and that underpins healthier lives,” says Jenny Hartley, director of Invest Newcastle.
Partnerships and collaborations
“These are the fundamentals of an inclusive economy, which we are committed to building in our city. Beyond investment, we need partnerships and collaborations that will secure a better future for the people of Newcastle.”
The vision for the future of Newcastle is for a city transformed by investment in people and places, where investors and developers are committed to social value and a city where public-private partnerships work hard to improve the health, wealth and wellbeing of local residents.
To realise this vision, Invest Newcastle is looking to work with investors that are passionate about urban regeneration, city centre transformation, connecting communities and delivering infrastructure that powers sustainable and inclusive economic growth.
Newcastle has long been a hotbed of technological innovation. Today, the city is the UK’s premier test-bed location, a ‘living lab’ for rapid innovation, demonstration and commercialisation of products and services.
The city has played a pivotal role in steering scientific progress nationally and internationally, with a catalogue of medical breakthroughs that have transformed health outcomes globally. It has a
large student population and one of the largest research bases outside London, and has already attracted substantial foreign direct investment.
Digital clusters
In addition to its strengths in health and life sciences, Newcastle is home to one of the fastest-growing digital clusters in the UK, leading the way in fintech, cleantech and medtech, creating thousands of high-quality jobs.
Newcastle is also a smart city driving the global data-driven revolution and holds the distinction of being the first city globally where the local authority, hospital trust, and universities jointly declared a climate emergency and committed to achieving net-zero emissions by 2030.
One of the key sites for development is the Health Innovation Neighbourhood (HIN). Newcastle is globally recognised for its research in healthy ageing and longevity and Newcastle University is bringing forward plans to develop a 29-acre site on the outskirts of the city to bring this research to life. HIN will be a mixed-used development comprising commercial, research and residential uses.
The residential element houses multi-generational living and co-living and will be a focus for academic research.
Meanwhile, Newcastle Helix is a 24-acre innovation district in the heart of the city, where industry and academia come together to advance the fields of data science, urban science and life science. Made possible by an initial £65m investment between Newcastle City Council, Newcastle University and Legal & General, Helix is seen as one of the most successful urban regeneration schemes in the UK, combining commercial and residential space with first-class research and education facilities.
Innovation hub
Located on the site of a former brewery, Newcastle Helix has quickly become one of the most important innovation hubs in Europe, and is home to a diverse and growing community, from university spin-outs undertaking leading-edge research to fast-growing SMEs in tech and sustainability, to established national and multi-national legal, financial and other professional services companies.
Plans are being brought forward to deliver up to 750 low-carbon homes, a 195-bed hotel, further commercial space and new lab space to meet demand for Newcastle’s fast-growing health and life sciences businesses.
The city is also promoting the Forth Yards riverside regeneration site next to Newcastle Central Station, where a partnership with Homes England has begun site remediation. A major gateway into the city by road, rail and metro, the Forth Yards area has the potential to transform the urban landscape of Newcastle and connect West End communities with the city centre.
