The site where a trademark Tyneside beer was brewed for generations is set to become a centre for science.
Science City is planned as a centre for academic research and industry
Part of the former Scottish and Newcastle Breweries site has been sold to a consortium, including Newcastle University and the council, for £33m.
There are now hopes it will form the hub of a "Science City" development, which will create up to 15,000 jobs.
The home of the world-famous Newcastle Brown Ale would then become a centre for academic research and industry.
The cost of the sale has been met equally between the three key partners, the council, the university and One NorthEast, who each own a third of the 14.4 acres.
The university says it plans to establish world-class research teams on the brewery site to work with companies and other partner organisations such as the NHS.
They would specialise in nanotechnology, bioscience and molecular engineering which the university believes will be the boom industries of the future.
Councillor John Shipley, a member of the Science City Partnership, said: ``Newcastle Brown Ale has been a fantastic brand name helping to make the city famous all over the world.
"With Science City we hope to create an even stronger brand that will bring high quality jobs and lasting prosperity to Newcastle and the city region for the next 100 years."
Although contracts have been formally exchanged, Scottish & Newcastle Breweries is currently decommissioning the site and will not officially leave until next June.