NewcastleGateshead Quays regeneration scheme awarded £7m from government’s Getting Building Fund
NewcastleGateshead Quays – the landmark arena-led regeneration scheme on the banks of the NewcastleGateshead quayside – has been awarded £7m from government’s Getting Building Fund to support the creation of the new events destination and a new link road connecting Baltic Quarter with the A184 and Felling Bypass.
The North East Local Enterprise Partnership (North East LEP) manages the Getting Building Fund in the North East LEP area, which comprises Durham, Gateshead, Newcastle, Northumberland, North Tyneside, South Tyneside and Sunderland. The North East LEP Investment Board approved Gateshead Council’s funding application in December 2020.
Andrew Moffat CBE, Chair of the Investment Board at the North East LEP, said: “The Getting Building Fund was created to provide investment to shovel-ready infrastructure projects across the country that will help boost regional economic growth, fuel local recovery and create jobs.
“NewcastleGateshead Quays is a hugely significant project not just for Gateshead, but the North East LEP region as a whole. The £290m regeneration scheme is expected to create around 2,000 new jobs in the North East and provide a £60m annual boost to our local economy.”
£5m from the Getting Building Fund has been awarded towards the creation of a new North South link road in Baltic Quarter. The new road will connect Gateshead Quays with the A184 and Quarryfield Road, leading to the Felling Bypass and across to the Freight Depot strategic housing site. The plans also include a new Green Blue corridor, containing new landscaped walking and cycling routes, and the provision of habitats that encourage biodiversity.
A further £2m has been awarded towards critical infrastructure works around the construction of the new arena, exhibition and conference centre, hotels, multi-storey car park, and public spaces.
The planned Arena and Conference and Exhibition Centre project has previously been awarded £5m through the Local Growth Fund in 2017.
Cllr Martin Gannon, Leader, Gateshead Council said: “A lot of time, hard work and commitment has been put into producing a plan for the growth and prosperity of Gateshead and the region. These funds will be vital in achieving our ambitions for the wider Quays project and borough as a whole. We are aiming to future proof Gateshead and improve connectivity and infrastructure. This investment will go some way to realising those plans and help attract leisure and business visitors to the North East.”
The North East LEP region was awarded £47m through the Getting Building Fund with the North East Local Enterprise Partnership increasing the fund to £55m by releasing an additional £8m from the North East Investment Fund.
The 17 projects put forward for the North East LEP area are expected to create more than 4,000 construction and permanent jobs; unlock more than 19,000 sqm of commercial space; assist more than 3,000 learners; improve or construct 4.2km of roads, cycle lanes and walkways; and further strengthen the North East’s green energy sector.
The government’s £900m Getting Building Fund was announced in August 2020 as part of its package of support to kick-start the economy, create jobs and help areas facing the biggest economic challenges as a result of the coronavirus pandemic.