Quayside arena plans have investors buzzing
BIG money investors are already showing “significant interest” in funding a spectacular new arena on the Gateshead Quayside, council bosses say.
Stunning designs were unveiled on Thursday for the 12,500-seat venue and an accompanying leisure complex sat between the Sage and the Baltic.
Council chiefs have now set about drumming up interest in the ambitious project, which is expected to cost £250m, from across the world.
The scheme was pitched to a host of top developers at the prestigious MIPIM UK property event on Thursday and local authority bosses are confident that they can secure a major cash injection.
Gateshead Council chief executive Sheena Ramsey, who presented the designs at the conference in London, said: “It’s vital that we get out there and show the potential of Gateshead to global investors.
“Meeting the right people at events such as MIPIM can lead to tangible opportunities for the borough. Government has acknowledged the significance of our Quays project, through the inclusion of this within its investment portfolio.
“As part of its promotion of the portfolio we were invited to present and pitch to a range of international audiences. This has already led to significant interest, and we look forward to working with all interested parties to deliver this scheme together a part of our long term growth plan.”
The Quayside arena is one of a select few projects included in a £2bn set of UK investment opportunities being promoted by the Department for International Trade.
The investment portfolio states that Gateshead Council, alongside partners Ask Real Estate and PATRIZIA UK, is looking for private investment of up to £220m to help fund the new arena.
If all goes to plan, the council is expecting a planning application to be submitted for the scheme next year and for it to be built by early 2023.
The complex is expected to support more than 1,100 jobs, attract almost 300,000 visitors a year, and generate an extra £29m every year.