The Gateshead Quayside arena project is looking to get back on track after securing a £20 million funding boost from the government’s Levelling Up
Fund.
The development, which will feature a 12,500-capacity arena and
conference centre to be known as the Sage ICC, is among 111 projects across the UK awarded a combined £2.1 billion.
There had been fears the project could be thrown off course by spiralling
construction costs, such as the rising price of steel.
In October last year it was announced that a hotel due to form
part of the project had been relocated to make it “more cost efficient”. The council said that the pandemic and the war in Ukraine had
"rocked the supply chain, throwing costing uncertainty into the mix and
putting financial pressures on the development."
It is hoped that the £20m injection from the Levelling Up Fund
will help get the development back on track. As well as the arena and
conference centre, there are also plans for new bars, restaurants, public space
and walkways along the Quayside.
Levelling Up secretary Michael Gove said: "This new
funding will create jobs, drive economic growth, and help to restore local
pride."
The £20m boost follows a Northumbria
University report last year that the government's levelling up programme is
failing in the North East and still little more than "a slogan".
