Leeds City Council’s chosen location for a new arena has been welcomed by the city’s property market.

The Claypit Lane site, adjacent to and part-owned by Leeds Metropolitan University, is to be developed into a 12,500 seat entertainment venue.

According to the council, the arena could bring an extra £28m to the city’s economy each year after it is finished. It is also expected to create 300 jobs.

The 5.1 acre (2 ha) site was chosen on Wednesday.

The arena is anticipated to cost £30m to develop and the funding will be provided by the council and regional development agency, Yorkshire Forward. The arena will be managed by SMG Europe.

Nik Dockree, development manager at BAM Properties, part of the five-strong Leeds investment group West End Partnership, said: ‘We are 100% behind this decision and feel that it is a great regeneration opportunity for the city. The site of the arena is well-connected to the city centre and will mean that visitors will use existing city centre amenities such as restaurants, pubs and hotels, delivering tangible economic benefits to businesses in the area.’

Sylvia Bowden, senior partner of structured property finance at Yorkshire Bank said: ‘The announcement that the Clay Pit Lane site has been chosen as the new arena site will be greeted as very positive news indeed for the city and its residents.’

‘The site is adjacent to the universities on the free city bus route, within walking distance of the rail station and multi-storey car parks and that will prove very popular with young people.’

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