A greyhound racing stadium in Portsmouth, Hampshire, has closed in order to make way for a major regeneration scheme after the venue's lease was not renewed.

Site owners South East England Development Agency (SEEDA) and Tipner Regeneration Land (TRL) are proposing a mixed-use scheme near the M275 motorway. The venue was bought by the two groups from the Greyhound Racing Association (GRA) two years ago before being leased back for a fixed period that expired on 1 April 2010.

A SEEDA spokesperson said: "SEEDA and Portsmouth City Council (PCC) are working together to deliver a comprehensive redevelopment of the Tipner area - a much-needed regeneration scheme. "SEEDA and PCC have already submitted a planning application for the development of a new motorway junction at the M275, which will provide vital access to the development."

According to the Racing Post, Portsmouth general manager and director of stadium operator PGS Limited Eric Graham confirmed the venue had staged its last meeting on 29 March and had now closed.