The site is a partnership between Newcastle University, Newcastle City Council and Legal & General and is already home to Newcastle University’s Urban Sciences Building.

It also features a seven-storey building for knowledge-based science and technology SMEs, while a third building – the Newcastle Laboratory – will open later this year.

Over the next two years, the National Innovation Centres for Data and Ageing and a £29m Learning and Teaching Centre are set to open.

Legal & General is also set to announce plans for the site’s first private sector building The Lumen, which will provide 100,000 sq ft of Grade-A office space.

Around 4,000 people will work on the site once its complete, including academics and entrepreneurs.

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Councillor Nick Forbes, leader of Newcastle City Council, said: "Our ambitious plans for this site continue to progress and as work on the site moves to the next phase, we feel it is the right time to rename the site Newcastle Helix.

"The ground-breaking developments that are taking place will firmly position our city as a major national and international hub for scientific research and technology businesses, creating knowledge-based jobs for future generations in Newcastle.

"Not only will we be creating more office and research space for businesses and academics in the new, state-of-the-art buildings, but work will also start on the residential element of the site, which will result in 450 homes right at the heart of the city for both families and those looking for apartment living. "