Contracts have been signed to build and operate a new £45.8 million performance venue in Derby.
It means construction on the site, within the city’s £200 million Becketwell scheme, could start next January and the venue potentially opening in late 2024.
The deal has been struck between Derby City Council, Leeds-based developers St James Securities and venue management and services company, ASM Global, which will lease and run the 3,500 capacity site.
Construction work is underway on phase one of the Becketwell scheme, 259 build-to-rent apartments on the site of the former Debenhams store on Victoria Street, which will be paid for, owned, and operated by Grainger plc.
The new performance venue will be built on the site of the former Pennine Hotel, Laurie House offices, multi-storey car park and Pink Coconut nightclub in Colyear Street and Padley House in Becket Street. Work on demolishing the former hotel is almost completed.
The venue will be owned by Derby City Council and leased to ASM Global whose portfolio includes OVO Arena Wembley, the AO Arena in Manchester, the Utilita Arena in Newcastle, the Bonus Arena in Hull, the first direct Arena in Leeds, the Olympia London and the OVO Hydro in Glasgow.
It will be capable of staging a range of concerts, stand-up comedy, family shows, musicals, exhibitions, and business events.
It is expected it will host more than 200 cultural and commercial events a year and attract an additional 250,000 visitors to Derby. It is also expected to create over 200 new local jobs.
Council leader Coun Chris Poulter said: "This is an exciting milestone in delivering the Becketwell performance venue. This new and flexible space is a key part of putting culture back into the heart of Derby."
Tom Lynch, group commercial director and senior vice president, Europe of ASM Global, said the company was looking forward to building on the success of the UK venue portfolio.
He said: "We are delighted to have closed this exciting deal with Derby City Council and St James Securities to bring to market such an ambitious state of the art venue."
Paul Morris, director of St James Securities, said he was looking forward to the construction phase of the project.
He said: "Closing the performance venue deal and starting on site this month continues the success story at Becketwell with over £85m of development now underway."
Future planned phases of the scheme include the potential for a range of other complementary uses of the site including new grade A offices and commercial space, a hotel and a multi-storey car park and purpose-built student residences.
