The council has revealed it will now sign a £48m fixed-price deal with developer St James Securities to deliver the project set to spark the regeneration of the run-down area of the city.

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.

A council meeting will be asked to rubber stamp the deal next week.

The new performance building forms part of St James Securities’ ambitious £200m plan plan for Becketwell.

Work expected to start in May on build to rent project

Detailed planning permission has been granted for the first phase of this plan which will see construction of 259 build to rent flats on the site of the former Debenhams store on Victoria Street.

Builder GMI Construction is believed to have been selected to start work on this project next month.

A new public square on the site of the former Central United Reformed Church will form the centrepiece of the development and will also be delivered in the first phase.

The second phase will comprise the performance and conference venue.

Future planned phases of the scheme include a range of other complementary uses of the site including up to 25,000 sq m of new grade A offices and commercial space, a hotel and a multi-storey car park.