£50m performance venue takes a step closer as contracts signed
Contracts have been signed between stakeholders in Derby’s new £45.8m performance venue that will officially name the operator of the facility.
The agreement betwen Derby City Council, Leeds-based developers St James Securities and venue management and services company, ASM Global marks a new milestone in the scheme.
Planning permission, land acquisitions and other pre-commencement conditions have now been fully satisfied and ASM Global has entered into an unconditional agreement for lease with Derby City Council and St James Securities, which will give the green light for construction work to commence.
ASM Global, which has a global network of more than 350 venues around the world, will work with St James Securities and Derby City Council on the design development of the venue, located in Derby city centre.
The 3,500 capacity entertainment and events venue forms phase two of the £200m Becketwell regeneration scheme, which is the most significant urban regeneration scheme in the city for more than 30 years.
Construction work is underway on phase one of the scheme, 259 Build to Rent apartments on the site of the former Debenhams store on Victoria Street, which will be funded, acquired, and operated by Grainger.
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.
The venue is set to host over 200 cultural and commercial events each year and attract an additional 250,000 visitors to Derby. It is also expected to create over 200 new local jobs, generate more than £10m GVA per year for the area, diversify the economy and increase levels of investment in surrounding areas of the city centre.
Demolition work has recently commenced, with construction work on the performance venue set to commence in January 2023, with completion and handover to ASM Global in late 2024.
Councillor Chris Poulter, leader of Derby City Council, 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.
“We are delighted to be moving on the next steps of this journey working together with long term partners ASM Global and St James Securities.
“This ambitious venue run by a world-leading operator will create hundreds of jobs, attract investment and generate millions of pounds each year for the city along with attracting new visitors and residents to Derby City Centre.”
Tom Lynch, group commercial director & senior vice president, Europe of ASM Global, added: “ASM Global looks forward to building on the great success of our UK venue portfolio and leveraging our strength in venue programming and commercialisation, to further develop the cultural landscape in the Midlands and support the ongoing growth of the region’s economy.”
Paul Morris, director of St James Securities: “We are pleased to have concluded our agreement with Derby City Council and ASM Global, who have a global reputation for excellence.
“We look forward to moving this exciting project to the construction phase and deliver this scheme to the people of Derby and the wider region.
“Closing the performance venue deal and starting on site this month continues the success story at Becketwell with over £85m of development now underway. We will continue to build on these successes as we look to bring forward further mixed-use phases in the coming months.”
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 residential.
