THE largest indoor venue in the North-East will be relocated to transform the region’s business tourist economy and create more than 600 jobs, under £200m plans that have been unveiled.

The scheme to build an entertainment arena, and conference and exhibition centre, featuring a 12,500-seat venue, hotel, bars and restaurants at Gateshead Quays would see the Metro Radio Arena on the north bank of the River Tyne “relocated”.

The proposed ten-acre waterfront site sits opposite the Gateshead Millennium Bridge, between the Sage Gateshead and BALTIC Centre for Contemporary Art buildings.

The scheme is anticipated to support more than 1,140 jobs, with well over half being newly created.

Gateshead Council, which has been working on the regeneration scheme site for two years, said it was widely acknowledged that there was “a massive untapped demand to bring large scale events, conferences and exhibitions to the region”.

The authority has predicted the venue would attract an extra 296,000 visitors to the region and estimated the boost the regional economy would be £29.5m annually.

The council is working in partnership, with award winning property developers Ask Real Estate, leading investment and development manager PATRIZIA UK and SMG Europe, a world leader in venue management.

Gateshead Council leader, Councillor Martin Gannon said it was time to give the North East another landmark destination. He added: “We’ve wanted to regenerate and revitalise this key site on Gateshead Quays for a long time and internationally recognisable facilities of this scale have always been our long-term aspiration.

“Not only will they bring new life to the area, but they will bring new jobs and significantly boost the local and regional economy.

“An arena and conference and exhibition facility will also play an important role in complementing and strengthening demand for national and international conferences, exhibitions and events at Sage Gateshead and BALTIC, as well as acting as a catalyst for wider investment across Gateshead and further stimulating economic growth.

“We’re now more confident than ever that we can finally push forward with our exciting plans for this £200m development site.