The Sydney CBD desperately needs a new indoor entertainment arena and the NSW Government has been urged to conduct a feasibility study to identify public land where it can be built.
Developers believe up to $500 million of private capital could be invested at no cost to the taxpayer if public land were released with the covered stadium returning to public control once a long lease had expired.
Plans are already being drawn up for a 10,000 seat indoor stadium at the Entertainment Quarter but are reliant on the current 23-year lease being extended to make the investment worthwhile.
Tony Shepherd, chairman of the Entertainment Quarter, said discussions with the NSW government were ongoing to extend the lease and clear the way for $2 billion of investment in the old Easter Show site.
“Part of that development includes a new multipurpose, fully enclosed arena which we think is something Sydney really needs close to the city centre,” he said.
The $500 million arena would be able to accommodate professional basketball matches, boxing contests and mid-sized concert performances.
Sydney only has Qudos Bank Arena at Homebush and nothing to rival Melbourne Arena and Rod Laver Arena in the centre of Melbourne. Potential sites for a new arena include the Bays Precinct and land seized from the Moore Park golf course.
Tom Forrest, chief executive of the Urban Taskforce, said private investors could be encouraged to build an arena on government land and called for the NSW Government to…
