The proposals will transform a former general hospital site into a world class centre for research and innovation in ageing and living well in the city.

The mixed-use scheme will integrate research, living, workspace and health uses examining 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.

The establishment of the JV follows outline planning permission for the site being granted by Newcastle City Council in February.

The masterplan, which has been developed with GSS Architecture, will focus on integrating the site with the surrounding communities.

Genr8 Kajima Regeneration will develop the site with Newcastle University and secure funding for the scheme which has an estimated GDV of £500m.

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.”

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.”