Following months of detailed negotiations Redcar & Cleveland Borough Council has agreed an option to lease the former Coatham Bowl site to Coatham Arena Limited [CAL] for the development of a 5,000-capacity multi-purpose indoor Arena.
The new Arena will occupy the prime seafront site once home to the renowned Coatham Bowl which, for 40 years before it was demolished in 2014, played host to many famous acts such as The Pogues, Fairport Convention, Chris Rea, The Proclaimers, Ozzy Ozbourne, Slade and Whitesnake to name just a few.
“Our agreement with the Council provides the foundation for the granting of a 125-year lease option on the land and is tremendous news for Redcar and the wider region. It is welcomed by our many supporters, local businesses and the events industry and allows us to now move forward with a detailed planning application in the expectation it will open by 2028.”
CAL Chairman, Frankie Wales
Coatham Arena will provide state-of-the-art accommodation for elite entertainment, sporting, conference, exhibition and social events all-year-round with the landmark building also featuring a permanent and unique visitor attraction as well as benefiting the local tourism economy, employment and businesses by over £42million a year, research shows.
Our administration promised to support this project and we now have seen it through to a successful agreement on terms for leasing the land. The success of this project means securing hundreds of jobs and thousands of visitors to the area, providing a huge boost to our local economy which, research shows, is forecast to be worth over £42 million a year.
Council Leader, Councillor Alec Brown
The £70million project is to be privately funded with the Council receiving an annual rent, business rates and other income, including from a car park to be built by CAL to replace the Majuba Road amenity.
