Derby set for new 3,500 capacity venue
By: St James Securities
The new entertainment and conference venue will be located in the heart of the city centre on the site of the former Pink Coconut nightclub. It is expected to be a significant attraction for Derby by adding a much needed new 'Cultural venue' but also supporting the important regeneration of a long disused site linking the Intu Shopping centre and the Cathedral Quarter.
It's anticipated that the venue will hold hundreds of cultural and commercial events each year offering a fantastic and varied programme for local people and attract an additional quarter of a million visitors to Derby.
Over 200 new local jobs are expected to be created giving the city centre economy a significant boost. The scheme is set to generate more than £10m per year for the area, providing a massive stimulus to local businesses. The level of confidence in Derby illustrated by this investment from the private sector demonstrates a positive belief in Derby and its future – despite the challenges of Covid-19 to our local economy.
On the announcement Cllr Matthew Homes, Deputy Leader of Derby City Council, said:
"We are working together with experienced commercial sector partners to put the best venue option on the table. This is about creating a vibrant, thriving city centre, and rejuvenating areas that have seen a decline. A new venue like this will significantly aid our recovery efforts and boost business confidence by creating hundreds of jobs, putting millions into the local economy, and make a big contribution to Derby's future prosperity."
Commenting on their plans to bring a new performance venue to the city, Paul Morris, director of St James Securities, said:
"We are tremendously excited to be working with Derby City Council on this ambitious scheme, which is set to bring an outstanding, modern performance venue to the city.
"We strongly believe that a new purpose-built city centre venue is the right way to deliver a new performance venue for Derby and are confident that the best location for that venue is as a key part of the Becketwell scheme.
"We have created a great scheme which will fill a significant gap in the city cultural landscape. Our flexible venue will cater for major music and comedy acts as well as a strong programme of theatre content. The conference and events centre will support the growth of the business community in the region.
The project will be delivered by St James Securities at a fixed priced to the Council with the developer securing a national operator as tenant for at least 25 years, reducing the financial risk to the Council significantly.