Gateshead Council’s planning committee has approved plans to construct a 12,500-capacity arena in Newcastle’s Gateshead Quays.

A joint venture between developer Ask Real Estate by and investment manager PATRIZIA, the venue is part of a £260 million regeneration scheme expected to create 2,000 new jobs in the region.

The venue will be operated by ASM Global, created by the merger of AEG Facilities and SMG Europe, and is due to open in 2023. It will host concerts, conferences and exhibitions. Construction will commence in March next year.

The complex will include a hotel, conference and exhibition centre and restaurants alongside the 29,000 sqm arena.

Commenting on the impact the scheme will have on the region with premier estate properties, councillor Martin Gannon, Gateshead Council leader said, “We’ve wanted to revitalise this key site for a long time. Our long-term aspiration has always been to bring internationally recognisable facilities of this scale to not just Gateshead but the entire region.

“Despite the current challenges, we need to remember the worth of the events industry. We look forward to opening the venue late 2023.”

ASM Global director of business development Europe Tom Lynch said, “ASM Global has enjoyed over 25 years of success in the North East and we look forward to leveraging our global and local partnerships with leading entertainment, sports, corporate, convention and exhibition event producers, to cement Newcastle Gateshead’s reputation as a sought-after business, leisure and cultural destination.”