Newcastle and Gateshead’s city development company, 1NG, has announced that it has not resubmitted a bid to secure funding from the government’s £1.4bn Regional Growth Fund for a conference centre development.
1NG originally submitted an unsuccessful bid during the first round of RGF applications. The development company was subsequently advised that the scheme did not meet the fund’s criteria because it did not create an adequate number of jobs.
The proposed 43,000 sq ft International Conference and Exhibition Centre would have been located at Gateshead Quays and hosted up to 215,000 delegates each year.
Last week, Lord Heseltine, chairman of the RGF’s Independent Advisory Committee, told Estates Gazette that the fund was aimed towards creating private sector jobs and that property projects would be unlikely to meet its criteria.
A spokesperson for 1NG said: “After discussions with the Department of Business Innovation and Skills, the project partners have decided not to re-submit the International Conference and Exhibition Centre application for RGF round two.
“The project remains a priority and, despite significant investment from our partner Gateshead city council, it is now clear from discussions with BIS officials and the RGF panel that they are not willing to support this bid on the basis that it is an infrastructure-led project and does not fit the fund’s criteria of being private-sector led.”
daniel.cunningham@estatesgazette.com
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